Miami, a city in the US state of Florida, will release a crypto asset for investment in the development of the city. The collected money will go to finance projects and events in Miami.
MiamiCoin (MIA) will be the first crypto-asset issued under the CityCoin project. Project developers collaborate with local authorities, and investors are rewarded in BTC or STX – a crypto asset of the Stacks protocol.
“MiamiCoin will provide a steady stream of cryptoasset revenues for the city, as well as generate STX and BTC profitability for MIA holders,” the CityCoins website says. “MiamiCoin can be mined or bought by people who want to support the city and earn a crypto asset using the Stacks protocol. MiamiCoin also benefits its holders by allowing them to accumulate and generate income through the Stacks protocol. ”
Miami Mayor Francis Suarez has repeatedly spoken out in favor of cryptocurrencies and promoted the issue of paying salaries in bitcoins, as well as accepting taxes through cryptocurrencies. At the end of 2020, Suarez said that it was Bitcoin that became one of the most stable investments in an unstable 2020.
He also said that he plans to make Miami “the world capital of cryptocurrencies.” The Mayor of Miami said last week that “the city could eventually make millions of dollars as a result of the popularity of MiamiCoin.”
“It is similar to Bitcoin and is built on a blockchain protocol, so whenever this crypto asset is mined, a percentage of the mining goes to the city of Miami,” he said.
However, the MiamiCoin project is experimental and it is not known if it will actually generate income for the city. CityCoins says MiamiCoin (MIA) will be available on “designated trusted exchanges” from August 3rd. The exact list of exchanges will be presented shortly.
At the beginning of last year, the mayor of the Turkish city of Konya said that the city administration is studying the issue of issuing its own cryptocurrency and creating a financial ecosystem based on the blockchain.
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