Miami Votes to Get Over $5 Million from MiamiCoin Cryptocurrency
CityCoin, the city-based token, announced that MiamiCoin generated $4.5 million in 40 days with "much more to come."
By Entrepreneur Staff •
On Monday, Miami's city commission voted to access about $5 million worth of MiamiCoin, a cryptocurrency unique to the city.
Mayor Francis Suarez shared the news on Twitter, writing, "The @CityofMiami decision to accept the gift contributions generated by the @mineCityCoins Protocol-currently valued at $4.3M-represents a major milestone in Miami's quest to become a crypto innovation hub."
The @CityofMiami decision to accept the gift contributions generated by the @mineCityCoins Protocol-currently valued at $4.3M-represents a major milestone in Miami's quest to become a crypto innovation hub
— Mayor Francis Suarez (@FrancisSuarez) September 14, 2021
Funds that will directly impact the lives of all our residents! https://t.co/pcrY4PwD06
She added, "Funds that will directly impact the lives of all our residents!"
Related: CityCoins Announces Launch of MiamiCoin With First Exchange Confirmed
CityCoin, the city-based token, announced that MiamiCoin generated $4.5 million in 40 days with "much more to come."
For every MiamiCoin that people mine using Stacks (which has its own token), Miami gets funding. Elected leadership can use that funding "for a number of projects to benefit the city," according to a CityCoin release.
Mayor Suarez and the commission have proposed that the funds can be used for programs to mitigate the potential risks of climate change, new initiatives for under-privileged communities and crypto education and incentives for tech entrepreneurs, among other things.
"Protocol contributions will continue to replenish and grow as the MiamiCoin protocol gets more usage. Contributions are initially denominated in STX tokens, but will be auto-converted to USD when the city accesses its wallet—ensuring funds are legally compliant and available for immediate, real-world deployment," said CityCoin.
