• MiamiCoin has generated $8 million in revenue for the city, according to the mayor

  • Miami’s mayor, Francis Suarez, revealed that the city’s partnership with CitycOINS has already generated more than $8 million. The city had ventured into cryptocurrency with the creation of its own coin named after the city, and the mayor described the move as a “game-changer” for revenue collection. The move came after the mayor announced his intention to make Miami the world’s “cryptocurrency innovation” hub.

    MiamiCoin was launched by the city in collaboration with CityCoins. The city receives 30% of all coins mined by users of the CityCoins protocol, and CityCoins has now sent over $8 million to the city of Miami in less than a month.

    The city’s low taxes have always been a draw for businesses, which the mayor intends to leverage to entice new tech entrants to set up shop in the city. The mayor believes that the cryptocurrency innovation that is coming to the city will allow Miami to be tax-free. Because Miami has some of the most lax cryptocurrency laws, it hopes to serve as a center of innovation for the burgeoning crypto space.

    This has resulted in an influx of crypto and financial innovation firms moving to Miami. Because of its regulatory environment, it is suitable for both established and startup businesses. The influx of tech companies into Miami will not only transform the city into a hotbed of innovation, but it will also benefit the economy as these companies create more jobs.

    Miami Is Getting Into Cryptocurrency

    Suarez has also proposed using cryptocurrency to pay city workers. The mayor revealed that they were looking into ways to allow salary and wage payments to be made in bitcoin. In addition, methods for residents to pay taxes and fees due using cryptocurrency are being investigated. So, in addition to being able to mine coins that benefit the city, residents can use their crypto holdings to pay any government debts they may have.

    Although the city is bullish on crypto, it is also cautious in how it approaches its involvement in crypto. The coins in its wallet are directly converted to dollars. However, city officials have yet to spend the funds. They will wait six months before spending any of the cryptocurrency obtained through MiamiCoin. This is done to ensure that it is safe to spend the money before they start.

    Miami has recently begun to attract cryptocurrency miners. After miners were forced to flee China due to the crackdown, the mayor approached miners about establishing mining farms near the South Florida Turkey Point nuclear power plant.

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