Miami and New York both released CityCoins to make city taxes disappear

Miami and New York both released CityCoins to make city taxes disappear

Picture: On June 4, the Mayor of Miami Francis Suarez spoke at the Bitcoin 2021 conference, a cryptocurrency conference held at the Mana Wynwood Convention Center in Miami. Suarez is actively making Miami a top destination for cryptocurrency companies.

When Blockchain.com was looking for a new home for its US headquarters, it decided to leave New York and move to downtown Miami.

“New York is a great city,” said Peter Smith, co-founder and CEO of the cryptocurrency company. “But for us, Miami is a more suitable choice.”

Miami’s vibrant nightlife and warm weather are certainly an attraction, but according to Smith, the decision was made because the city is more aligned with his company’s goals.

He said: “Its time zone on the east coast is the gateway to Latin America. More importantly, it may be the most exciting city in the world for cryptocurrency.”

Cryptocurrency is regarded by many as the future of finance, and Miami is actively striving to become the world’s cryptocurrency capital-which directly threatens New York’s status as a national financial center and threatens New York’s dominance in the financial field.

Smith believes that Mayor Francis Suarez has increased the city’s visibility. During his first tenure, Suarez devoted himself to the Bitcoin and blockchain industry, and even got a deep understanding of blockchain technology.

Today, Miami has its own cryptocurrency called MiamiCoin. Last year, it also hosted one of the largest digital currency conferences in the world.

“Cryptocurrency is very important to the future of the city and our current positioning,” Suarez told the media in a recent interview. “We really created the city of cryptocurrency.”

Miami leads the way in winning the title of “cryptocurrency capital”, creating the first city currency

Miami and New York both released CityCoins to make city taxes disappear

Suarez has perfected his presentation to investors and executives such as Smith. First, he mentioned Miami’s beaches, cultural products and professional sports teams. Then, he started real sales.

Suarez said: “There is a difference in the cost of living. It is now about two to one. Living in New York is twice as expensive as living in Miami.”

According to the mayor, the city’s real estate tax has fallen to “the second lowest level since the 1960s,” and it has more room for new development than New York. Suarez also proudly pointed out that the credit rating agency Standard & Poor’s Global Ratings recently upgraded its position on some of Miami’s bonds.

His strategy seems to be paying off. Cryptocurrency companies FTX US, eToro and Bit Digital have announced plans to expand in Miami, where MoonPay and Orca Capital have opened stores.

Miami has even attracted more traditional financial companies. During the COVID-19 pandemic, Citadel Securities moved its employees to South Florida, where private equity firm Apollo Global Management also opened a new office.

Suarez said: “In the past 16 months, we have transferred $1.2 trillion worth of assets to Miami.”

New York will no longer be the “city that never sleeps” if it is slower!

The success of Miami worries New York City’s mayor-elect Eric Adams. He is worried that “The City That Never Sleeps” will lose its former glory after the rise of the cryptocurrency industry.

“New York City will become the center of the cryptocurrency industry and other fast-growing innovative industries!” Eric Adams tweeted on election day. “Just wait!”

When the Mayor of Miami promised to use Bitcoin as his next salary, New York Mayor Adams must redouble his efforts, even three times the promise made by the Mayor of Miami.

He declared: “In New York, we are always doing everything, so when I become the mayor, I will use Bitcoin to pay my first salary.”

This caused quite a stir and generated some headlines, but a few hours later, public servants in New York reacted: New York City obviously cannot pay employees in any currency other than U.S. dollars, at least not for now. (Adams wanted to change the city’s wage policy, but at the same time, the spokesperson of the elected mayor said that Adams would convert his wages into Bitcoin).

Tiffany Smith, a New York partner at the cryptocurrency company law firm WilmerHale, said the city has to deal with state-level regulations that are “deemed unfavorable by some in the industry,” but she has already completed this challenging work ahead of schedule. .

Smith said: “New York has regulations that are unfavorable to the cryptocurrency industry, which has caused many companies to move out of New York.”

Smith said New York will be one of the first states to introduce a permit system.

State taxes are another obstacle, and one that Adams can’t do. Unlike Florida, New York has a state income tax.

However, New York City also has many advantages, Smith said. It is a thriving technology center and home to many world-renowned universities, including New York University, Columbia University, and Cornell University of Technology. She said that cryptocurrency companies recognize that there are opportunities to recruit top talent from banks and other financial companies based there.

Adams wants everyone to know “New York is New York!”

Cryptocurrency entrepreneur Patrick Stanley (Patrick Stanley) is excited about the competition between these two cities that want to become “cryptocurrency capitals.” He is a member of a “loose collective” called CityCoins, which created MiamiCoin.

Stanley believes that this kind of competition is a powerful response to the “people’s negative attitude towards work and life” during the economic downturn during the new crown epidemic.

He said, “People who work in the field of information technology are choosing cities by choosing products, and they are looking for the founders of those’technologically progressive'”.

So far, Adams, who declined media interview requests, has not made any specific suggestions. But he has proposed to increase cryptocurrency courses in New York City public schools. He said that if New York City accepts cryptocurrency, it will bring higher-paying jobs to citizens.

Adams will become the 110th mayor of New York on January 1. During this period, Miami Mayor Suarez had some suggestions for him. : “Hurry up, a lot of things are about to happen. It’s not ashamed to be second.”

What are CityCoins, how do they work, and how can you mine them?

Cryptocurrency has now become a topic of discussion in the daily lives of many urban residents. Judging from the official information: CityCoins is a non-profit open source agreement that has created a medium for users of its platform. These tokens allow citizens to use cryptocurrency funds to improve the lives of people in their own cities or other cities. Contribute and get rewards in Bitcoin.

As mentioned above: The Mayor of Miami, Francis Suarez, has been working to make the “city tax” disappear and turn it into a cryptocurrency innovation center. Now, the city council has partnered with CityCoins to launch MiamiCoins. This cryptocurrency will represent the people’s stake in the Miami Municipal Corporation.

The new Mayor of New York, Eric Adams, named the planned CityCoins NYCCoins.

How does the city currency work?

CityCoins relies on the Stacks protocol, which implements smart contracts on the Bitcoin blockchain. When users run dedicated computer software, they mine Stacks tokens (the cryptocurrency of the decentralized computing platform Blockstack) and send them to the CityCoins system. For example, the system generates MiamiCoins or NYCCoins every time it receives Stacks tokens (STX) and distributes them as rewards.

As users mine more Stacks tokens and send them to the CityCoins system, the probability of receiving CityCoins will increase. Users can keep 70% of the mined cryptocurrency. The CityCoins system distributes the remaining 30% of the mined Stacks to the digital wallet of the municipal company in the city where the tokens are sourced.

Users who mine Stacks tokens may also be criminals. To solve this problem, the Miami City Council will not spend a dollar from the donations received within six months. This will give officials time to react when such problems arise.

The Miami City Council will begin accepting donations (the 30%) into the digital wallet in September 2021. The wallet in Miami will automatically convert the deposited tokens into U.S. dollars upon receipt. The mayor told CoinDesk TV that since then, $21 million worth of cryptocurrency has been generated for the city of Miami. He added that if calculated on an annual basis, this is equivalent to US$80 million in revenue, which is equivalent to 20% of the city’s annual tax of US$400 million.

Suarez told the Washington Post in September: ” When you consider the possibility of running a government without citizens paying taxes. This is incredible. We will be the first American general. Bitcoin proceeds are distributed directly to residents’ cities as dividends.”

How do citizens mine CityCoin?

Like other cryptocurrencies, anyone can compete to mine CityCoin as long as a new coin is launched. According to the CityCoins portal, miners can compete by forwarding STX to the Stacks protocol. Once per block, the winning miner is randomly selected by a verifiable random function (VRF) and weighted according to the total amount of STX spent.

Since CityCoins is open source, it can be circulated on various centralized and decentralized exchanges.

Cryptocurrency enthusiasts who wish to own or trade Miami coins can trade through Okcoin’s cryptocurrency exchange. According to CoinMarketCap data, its current trading price is ¥0.07059 and its market capitalization is ¥207,905,242. (Price at 20:42 on December 26, 2021 Beijing time)

Will this idea of ​​using digital currency to allow people around the world to invest in order to eliminate “urban taxation” will become a mainstream trend in the future?

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/miami-and-new-york-both-released-citycoins-to-make-city-taxes-disappear/
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