As the cryptocurrency market continues to expand, so does Magic City It increasingly resembles another Silicon Valley and a city Miami opposed these changes.
Miami will launch its own in the summer the first cryptocurrency in order to help get more funding for local purposes.
A new cryptocurrency as an influx of wealth for Miami?
Officials say the cryptocurrency MiamiCoin (MIA) will help the city expand its economy and generate large revenues.
Mayor of Miami Francis Suarez stated:
“The city of Miami could eventually make millions of dollars thanks to the popularity of MiamiCoin, because Miami has now clearly become BTC’s capital of the world. We focus on differentiating our economy by creating a new wave of technology products that will motivate people to move to Miami our technological ecosystem. “
Miami works with the company CityCoin, which develops cryptocurrencies for municipalities, in order to launch a new digital token. The currency specific to Miami will be the first of its kind and is available for digital mining from 3.8.
CityCoins is a project that allows people Invest in the city by buying tokens. It works in partnership with local governments, so those who invest are rewarded BTC the sky Stacks, a native cryptocurrency of the protocol of the same name used to create things on the BTC blockchain.
“MiamiCoin provides the city with a continuous stream of cryptocurrency revenue while generating STX and BTC revenue for $ MIA holders.” launches the CityCoins website.
City governments can embrace BTC and crypto faster than nations.
Miami Mayor @FrancisSuarez is experimenting with crypto to give Miami a BTC-yielding treasury.
A thread on cities and crypto👇
– muneeb.btc (@muneeb) August 2, 2021
MIA the first CityCoin on the market
According to the official CityCoin website, “MiamiCoin is the first CityCoin on the market and is built to support Magic City and reward its holders through the Stacks protocol.”
“The city of Miami may decide to use its growing crypto wealth to benefit the city and its constituents – thinking about new public spaces, improving infrastructure, organizing city events, recruiting startups and more.” said CityCoin.
MiamiCoin can be bought or used by those who would like to support the city and get income in crypto form from the protocol stack. Utilizing the MiamiCoin protocol stack, it provides its holders with benefits by enabling them collect and generate income.
The website states that anyone can compete in MiamiCoin mining by handing over theirs STX tokens through the protocol. 30% transmitted STX tokens from the miners will be routed to a wallet reserved specifically for Miami and the remaining 70% can be stack for yields in BTC and STX.
Miami is sinking deeper and deeper into the waters of the crypto world
Despite being an ambitious project, MiamiCoin is still experimental and it is uncertain whether it will actually generate revenue for the city.
CityCoins has stated that MiamiCoin (or MIA) will be available at “Certain trusted exchanges”. Exact exchanges will be announced soon, according to the website.
The mayor Francis Suarez was a supporter of the cryptocurrencies and BTC in Miami. News of the very first form of cryptocurrency in Miami comes after Suarez’s pressure and recent approval from NBA for renaming American Airlines Arena to FTX Arena.
The new Miami cryptocurrency comes just months after Miami hosted the largest cryptocurrency conference to date, BTC 2021, where the keynote speakers were the biggest names in technology, such as co – founder and CEO Square and Jack Dorsey’s Twitter.
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