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Mayor reveals that Miami Coin has generated $7 million for the city

Finance

bitcoinworld.co.in 01 October 2021 04:19, UTC
  
Reading time: ~2 m

Miami generates $7.1 million from a partnership where its residents uses a crypto protocol. This is part of Mayor Francis Suarez longer-term plan of a tax-free city.


Furthermore, report from the Washington Post reveals Miami’s partnership with the CityCoins protocol.

Noting, it saw profits in millions since the unveiling of the city’s token in August. Notably, Residents hold and trade “MiamiCoin” on the protocol representing stake in a municipality.

Also, there’s a percentage from the coins for Those running the software, where users get 70% and 30% returning to the municipality.

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Suarez is very bullish on the software. He places expectations that “Miami Coin” will generate $60 million for the city over the course of the year.


Additionally, Suarez is putting up more efforts to make Miami more attractive to crypto businesses. More so, he plans integrate the city services with the Ethereum blockchain. Working towards making crypto dealings easy in the city.


“We’re looking at a variety of things from being able to make payments in crypto, in bitcoin, in particular..,”
“…being able to pay your taxes, being able to pay fees to the city,” he explains on the April episode.

Conclusively, he’s setting his focus on mining for Miami.

picture credit – citycoins twitter


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