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Tuesday, June 28, 2022

Miami Launches Its Own Cryptocurrency To Fund City Services

MIAMI, FL — Miami has become the first city with its own cryptocurrency, a digital currency.

The new MiamiCoin became available for mining Tuesday through the CityCoins initiative, which generates funds for municipalities through city-specific cryptocurrencies.

“MiamiCoin ($MIA) is a way for people to support the Magic City and grow its crypto treasury while earning BTC and STX yield for themselves,” according to the CityCoins website. “MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol.”

The Stacks protocol is an open network that enables smart contracts on Bitcoin, CityCoins said.

The MiamiCoin will provide an ongoing cryptocurrency revenue stream for the city. At the same time, it will also yield profits for $MIA holders. The coin can eventually be mined or bought by individuals.

Funds raised for the city through the MiamiCoin can be used for various projects and services.

“The city of Miami can elect to use its growing crypto treasury to benefit the city and its constituents — think new public spaces, improvements to infrastructure, hosting city events, recruiting startups, and more,” CityCoins said.

The city of Miami, especially Mayor Francis Suarez, has long embraced cryptocurrency. The city is even exploring how to pay its employees using it.

“Miami has long been a center of culture and innovation in the US, and over the last year the city has increasingly taken center stage as a tech and crypto startup city due to technologically progressive leadership,” CityCoins said in a July 14 post to its website.

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