The digital currency was launched on August 3 through the CityCoins platform. Miami thus becomes the first city in the world to have its own official cryptocurrency: the MiamiCoin.
The use and investment of MiamiCoin allow people to invest in Miami County and the money collected will be used to fund projects and events within the city, while earning returns in Bitcoin.
The platform on which the Miami cryptocurrency was launched, CityCoins, is a project that allows people to invest in a city through the purchase of tokens (cryptocurrencies). The platform works with local governments and rewards investors in Bitcoin or Stacks (the cryptocurrency native to the protocol of the same name, used to program things like the blockchain on which Bitcoin runs.)
“MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders,” reads the CityCoins website.
The city of Miami will fund its public projects through MiamiCoin mining
As a good cryptocurrency, the “MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn yield through the Stacks protocol,” according to the CityCoins website.
The interesting thing here is that the Stacks protocol allows the creation of smart contracts that operate in Bitcoins, so MiamiCoin buyers will be able to have returns in Bitcoin and encourage users to continue investing in the system by accumulating tokens.
Mining will also be possible and a portion of the mined cryptocurrency will be destined to local governments to finance their projects, such as infrastructure.
In June, on the occasion of the celebration of the Bitcoin 2021 conference, Mayor Suarez said he was happy that Miami was chosen as the new venue to hold the largest cryptocurrency conference in the world and has even referred to Miami as “The Bitcoin Capital of the World.”
On several occasions, Suarez has expressed that his goal is for the city to become a hub for technology and cryptocurrency start-ups and even went so far as to invite Bitcoin miners in China to relocate to Miami, while Xi Jinping’s regime leads a crusade against miners in China.
In an interview on Fox Business in June, when the Miami mayor was asked about the cryptocurrency, Suarez responded that “the City of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin.”
“t’s like a Bitcoin and it’s on the blockchain protocol, so whenever that coin is mined, a percentage of the coin by virtue of the programing goes to the City of Miami,” Suarez explained.
The next city to join Miami as a pioneer in the cryptocurrency market will be San Francisco. The city is already in the process of launching its own digital currency also supported by the CityCoins platform.