Miami Mayor Francis Suarez has revealed that the city will be officially unveiling its own cryptocurrency called Miami Coin by August of this year. This move is expected to increase Miami’s overall revenue by millions of dollars and generate more buzz about digital assets as a whole.
Suarez says that the city is partnering with CityCoins to create the new cryptocurrency. The company specializes in helping government units and other organizations build treasuries for their coins and distribute them worldwide.
Suarez also discussed overall plans for Miami in the future, ‘We’re a big city that’s trying to eliminate homelessness completely. We can focus on obviously policing and increasing our police force, which is something we’ve done, and we can focus on a variety of other things that our city does very, very well to increase our quality of life for our residents.’
The Miami Herald released an article saying that Miami Coin is also made to promote the city’s initiatives. It’s designed to support city services by giving 30% of the cryptocurrency funds and even using it to make donations.
CityCoin also expressed their enthusiasm in a post on their website, ‘The possibilities of CityCoins become endless as cities one by one #pickupthebag and communities and software developers around their respective CityCoins.’
It also mentioned the overall effect of their services on the community. This includes being able to create apps that use tokens for local benefits, rewards, trading, smart contract execution and many more.
Also referred to as the ‘Bitcoin Capital of the World’, Miami City has always been immersed in the ways of digital assets. In June 2021, Miami held the largest Bitcoin conference in history with thousands of attendees present. In fact, Miami Mayor Francis Suarez has even discussed providing salaries in Bitcoin instead of fiat currencies.
Their latest move in introducing their own cryptocurrency comes as no surprise, especially with all of Miami’s developments in the past. As of now, there are no further details on where the digital asset will be available and how traders can use it.
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