The Washington Post: MiamiCoin has created $7 million in revenue for Miami

According to the “Washington Post” report, since the launch of MiamiCoin in August, the partnership agreement between Miami and CityCoins has created $7 million in revenue for the city.

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Residents hold and trade “MiamiCoin” on this agreement. The Mayor of Miami, Francis Suarez, stated that he estimated that MiamiCoin could generate $60 million in revenue for the city within a year.

Francis Suarez plans to transform Miami into the world’s “cryptocurrency innovation center”. He claims that Miami may become a tax-free metropolis in the future.

Suarez said that in the past year, a number of financial and technology companies have set up offices in the city, including Goldman Sachs, Softbank and Blackstone. In June of this year, the crypto wallet Blockchain.com announced that it would move its headquarters from New York City to Miami on the grounds that the city’s “popular regulatory environment is a hotbed of crypto innovation”. In the same month, the stock trading platform eToro announced plans to open an office in the city.

Miami is trying to integrate cryptocurrency into the city government. Suarez said that it is exploring allowing city employees to pay salaries in Bitcoin and allowing residents to pay some fees and taxes in Bitcoin. In June of this year, the city hosted the world’s largest Bitcoin conference for thousands of Bitcoin enthusiasts.

Cryptocurrency is a digital code that allows people to buy, sell and accumulate wealth. Miners create new cryptocurrencies by running software on a computer network, and the code is used to solve the mathematical problem of adding transactions to the public ledger (i.e., blockchain). New tokens will be awarded to the person running the software in a system similar to a lottery.

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MiamiCoin relies on a base cryptocurrency called Stacks. When miners minted Stacks and exchanged tokens into CityCoins, MiamiCoins were created. The miner who sent the most Stacks is most likely to receive new MiamiCoins.

Those interested in buying or trading MiamiCoin can find it on the cryptocurrency exchange Okcoin, which was traded at slightly higher than $0.026 this week.

Those who want to support Miami can buy or mine the tokens, and if demand is higher than supply, they will increase in value. In a world where new cryptocurrencies are springing up like mushrooms, the launch of CityCoin benefits from increasing attention to its efforts, which may increase the value of this currency.

David Sacco, professor of economics at the University of New Haven, said: “This is a way for people to mine your currency instead of hundreds of other currencies.”

In the face of stricter scrutiny by regulators, the industry is seeking to gain momentum and utility in the wider society.

Miami’s reserve wallet will automatically convert the deposited tokens into U.S. dollars, and city officials will decide when to redeem them. Experts say that anyone can download the MiamiCoin software to compete for rewards, which brings legal concerns to the city.

Attorney Max Dilendorf said, “One thing to consider is whose donation you are accepting. I may be a world criminal, sitting somewhere in Iraq or Russia, and let a lead singer donate through MiamiCoin.”

Suarez said the city will not spend the money for six months to protect itself from fraud and abuse, and to allow city officials to respond when problems arise.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-washington-post-miamicoin-has-created-7-million-in-revenue-for-miami/
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