Miami, as known as the Bitcoin capital of the world, is ready to launch its own cryptocurrency that could generate millions of dollars for the city.
Francis Suarez, the mayor of Miami, has always shown a positive attitude towards cryptocurrencies. He appeared on Fox News on the 27th and announced the city’s plans to launch its own cryptocurrency ‘MiamiCoin’ from August 3rd.
This new campaign will aim to generate wealth into the city and encourage people to move to Miami. Miami has a current population of roughly 454,279 residents.
MiamiCoin ($MIA) is built on the CityCoin platform where users will be able to mine, borrow, and lend these coins. Users will also be able to earn yield in Bitcoin. The CityCoin website explained some of the benefits of supporting such currencies. It said:
“The possibilities of CityCoins become endless as cities one by one begin to #pickupthebag and communities and software develop around their respective CityCoins. CityCoins communities will create apps that use tokens for rewards, local benefits, access control (to digital or physical spaces), trading, lending, smart contract execution, and more. As one simple example, local businesses can provide discounts or benefits to people who show they ‘Stack for their city’ by Stacking their CityCoins.”
Suarez explained that as soon as the MIA coins will start generating, 30% of them will be distributed to Miami city and the rest will be distributed to miners.
“What the city gets out of it is a percentage of the coins that are mined are actually donated to the city of Miami by the virtue of its protocol. So the city of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin, because obviously Miami has now become, and we’ve talked about this many times on your program, the Bitcoin capital of the world.
We’re focusing on differentiating our economy by creating the new wave of technological products that will incentivize people to move to Miami and be a part of our tech ecosystem.”
He added that the new coin could help the city generate funds to end homelessness and strengthen the law enforcement in the city.
“So what happens is that Miami will benefit from the use of the MiamiCoin, and from the branding that is associated with it. That will go directly into our general fund, so we can use that to continue to alleviate homelessness.
We’re a big city that’s trying to eliminate homelessness completely. We can focus on obviously policing and increasing our police force, which is something we’ve done, and we can focus on a variety of other things that our city does very, very well to increase our quality of life for our residents.”