The city of Miami is set to launch its own cryptocurrency in a bid to attract more crypto investors and support the city with new projects
The city of Miami has announced that it will launch its cryptocurrency today. Dubbed the MiamiCoin, the cryptocurrency is expected to make it easier for investors to earn rewards and support the city with some crucial infrastructure.
According to the CityCoins blog post, Miami will become the first city in the world to launch its own cryptocurrency. The idea behind the coin is that it will be used to fund infrastructure projects or events in the city.
Residents are expected to support the project by buying or mining the MiamiCoin, and the funds will be diverted to Miami's treasury. CityCoins is a project that enables people to invest in cities by purchasing tokens. The project works with local governments, ensuring that those who invest are rewarded with Bitcoin or Stacks.
"MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders," the blog post reads. Miami's Mayor Francis Suarez has been very vocal about his support for Bitcoin and the broader cryptocurrency market. He has even invited Chinese miners to set up cryptocurrency mining operations in the city following the ban on crypto mining activities in China.
The mayor stated that the move is a positive one for Miami as the city has become the Bitcoin capital of the world. "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," he said.
Mayor Suarez added that Miami is focused on differentiating its economy by creating a new wave of technological products that will incentivise people to move to the city and be part of the tech ecosystem.