Miami votes for cryptocurrency MiamiCoin
- MiamiCoin, a new cryptocurrency launched in August
- A 30% reward is deposited as a contribution into a virtual wallet
- The native coin will be used for various productive activities
MiamiCoin is a cryptocurrency that took 30 days to generate $4.3 million. The money was generated as a contribution to the city of Miami. The city commissioners voted for the fact that they take into account the funds of the Miami Library which continue to grow, but they are currently adhering to spend.
MiamiCoin, launched in August by crypto developer CityCoins Inc. which will boost the interest in urban municipal projects. However, MiamiCoin is not owned by CityCoins. Just like other cryptocurrencies, the ownership of MiamiCoin is decentralized.
MiamiCoin is also made through computers, mining the coin by solving complex equations. It is created through a technical process. When the coin is successfully produced, 30% of the compensation is deposited as a contribution to a virtual wallet for Miami. It has access to the wallet which was approved by the commissioners this week.
The value of MiamiCoins is determined by the value of another cryptocurrency, named Stacks. The value of one Stack is $1.50, currently. There are more than three million stacks committed to the City of Miami’s designated wallet. Miami now has access to the funds worth some $4.5 million and counting.
Everyone can access MIAMInsens through their extraction or buying them on the stock market. Currently, one, Koocoin.com, sells them. While mining the coins, everyone can access MiamiCoins. They can also purchase them from an exchange. Currently just one, Okcoin.com, is selling them. The Mayor of Miami, Francis Suarez welcomed the decision to take funds.
Suarez said the fact that CityCoins has chosen to do a MiamiCoin is an indication of how Miami is viewed in the crypto community. If 30% of mining proceeds are given to the city, it will bring significant benefits to the city. It has already created nearly $4million in 30 days. But the city will hold the fund.
Suarez said that it is necessary to have conversations with the commission as more money is generated and need to understand that what could be the most effective way to use those funds. Since it is a new technology for the city, it wants to be safe and careful.
He noted that the city does not approve Maamicoin and Miamicoin will not be able to use the City’s logo. Yet, the vote is an effort to continue to market the city as a hub for tech and cryptocurrency in particular.
The city has established itself as a leader in the public sector by accepting its MiamiCoin protocol contributions. The municipal governments are taking benefit of new technologies and helping the constituencies.
The funds that have been generated through MiamiCoins will be used to mitigate climate change, funding new initiatives for underprivileged communities, crypto education, and incentives for tech entrepreneurs.
The city has received a $4 million infusion may seem like a drop in the bucket, but revenue losses during the COVID19 pandemic illustrate how millions of people can be significantly suffering. Currently, the city is planning to consider $1.3 billion spendings for the upcoming budget.
Back to the list