Miami will launch its own cryptocurrency MiamiCoin (MIA) on August 3rd, Eastern Time. The cryptocurrency will be used to fund infrastructure projects or activities in the city, and will also provide the city with treasury revenue.
According to reports in June 2021, Miami plans to launch MiamiCoin on June 8.
The listing of MiamiCoin also means that participants and investors will receive additional STX and BTC income, because the token supplier is executed by the public chain Blockstack. And Blockstack’s revenue tokens are STX and BTC.
The token is issued by the token issuer CityCoin and is a new way to create municipal assets for your favorite cities.
The CityCoin team envisions that in the near future, each city will have its own crypto token or CityCoin.
CityCoins is supported by Blockstack (STX), a protocol that enables smart contracts on the Bitcoin network. CityCoins like MiamiCoin are mined by forwarding Stacks tokens (STX) to CityCoins smart contracts.
It will require holders to lock up their CityCoins for a period of time to receive STX rewards. Then, the holder can further accumulate the STX to generate bitcoin rewards for themselves.
If city pride is just one of the reasons to invest in city tokens. Then CityCoin opened a new way of fundraising for the city, which will receive direct support from the community and investors.
Each city in the CityCoins ecosystem has a wallet reserved for it. The mayor can choose to accept the reserved wallet as the national treasury at any time for the city to use.
CityCoins are programmable, and the CityCoin team wants developers to create applications and use them for access, trading, lending, and smart contract execution. The more people who use them, the higher the reward and the more likely other people will join.
And, as a reward for supporting the city, residents can get a reduction or exemption on municipal taxes. After all, CityCoin miners indirectly contribute 30% of the mining revenue and send these directly to their wallets in the city. Imagine that mining contributions might exceed the taxes that cities charge them.
For students, using CityCoin to pay tuition fees to local colleges or public universities may result in discounts. CityCoins can be distributed to the city’s most needy citizens, or deposited into children’s tax-free or tax-deductible accounts to protect their future.
The cryptocurrency-friendly Mayor of Miami, Francis Suarez, stated that he hopes to make Miami the center of choice for technology and crypto startups. After the city hosted a two-day Bitcoin conference in June, Bitcoin2021, he called Miami “the world bitcoin Capital”.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/miami-will-launch-miamicoin-on-august-3rd-eastern-time/
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