Miami became the first municipality in South Florida to accept contributions to the city’s treasury in its own cryptocurrency MiamiCoin. According to the mayor, one day contributions will be able to replace taxes.
Miami Mayor Francis Suarez plans to turn the city into a global “hub for cryptocurrency innovation” and make it tax-free. ” In this he will be helped by MiamiCoin, the first “city coin” of the Stacks project (STX), as well as a joint work of the CityCoins community, the municipality and residents of the City of Miami.
By running the CityCoins software on their personal computers, city residents create MiamiCoins and earn a percentage of their value. At the same time, 30% is automatically deducted to the city, and the remaining 70% is received by users.
Since August 2021, the CityCoins protocol has redistributed more than $ 7 million to the Miami municipal budget. The Miami cryptocurrency wallet automatically converts deposited MiamiCoins into US dollars, and the city government decides when and for what purposes to send them.
According to the Mayor of Miami, next year the city will receive at least $ 60 million, which will be directed to solving social problems.
“It’s incredible when you realize that you can improve the life of a city without increasing taxes. The partnership with CityCoins refuted the notion that city programs require tax increases or charities from the private sector, ”Suarez said.
Miami is committed to creating an enabling environment for high-tech companies that want to benefit from a hot climate and low taxes. The Mayor of Miami is inviting miners to the city and plans to place mining farms near the power plant in South Florida, which will provide them with sufficient energy resources.
Suarez is confident that the city has enough capacity to meet the needs of miners, and its power grids will cope with the required load. He is also considering a number of other incentives for mining companies, including the creation of special zones, whose residents can count on tax and other benefits.
Ultimately, from a city as a tourist destination, Miami is transformed into a technology hub for the United States. Several finance and technology companies have already opened offices in the city, including Goldman Sachs, SoftBank and Blackstone. In addition, the eToro exchange announced plans to open offices in the city, and Blockchain.com announced the transfer of its headquarters from New York to Miami.
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