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MiamiCoins generate $7million for Miami

Finance

www.thecoinrepublic.com 01 October 2021 16:48, UTC
  
Reading time: ~3 m

  • CityCoins users mint new tokens and receive a share of the money they create by running software on their PCs
  • A computer programme allocates 30% of the currency to a specific city, while users receive the remaining 70%
  • when CityCoins debuted MiamiCoin, the system has sent $7.1 million to Miami

Mayor Francis Suarez of Miami has a plan to turn the city into the world’s cryptocurrency innovation centre, with one of the benefits, he claims, being a tax-free metropolis.

A collaboration with CityCoins, a nonprofit and open source platform that allows anyone to store and exchange cryptocurrency representing an interest in a municipality, has resulted in this lofty concept. CityCoins users mint new tokens and receive a share of the money they create by running software on their PCs. A computer programme allocates 30% of the currency to a specific city, while users receive the remaining 70%.

Since August, when CityCoins debuted MiamiCoin, the system has sent $7.1 million to Miami. On Sept. 13, the city commissioners agreed to accept the donations. While the initiative is still in its early stages, Suarez believes it has the potential to earn $60 million for Miami in the coming year and to revolutionise how the city funds programmes that address poverty and other socioeconomic challenges.

When you consider the prospect of running a government without requiring citizens to pay taxes. That’s incredible, Suarez said, adding that the collaboration provides a counter narrative to the notion that local services necessitate higher taxes or private sector altruism.

Business friendly atmosphere to welcome digital firms

Suarez’s broader vision for Miami is a business-friendly atmosphere that welcomes digital companies looking to take advantage of the warm weather and low state taxes. According to the mayor, he is in talks with mining businesses about establishing operations near a South Florida power plant, and he hopes to rebrand the city from a tourist destination to a technology centre in the future.

According to Suarez, major financial and tech giants, including Goldman Sachs, SoftBank, and Blackstone, have opened offices in the city in the last year. Blockchain.com, a cryptocurrency wallet, said in June that it was relocating its offices from New York City to Miami, citing the city’s welcoming regulatory climate acting as a hotspot of crypto innovation, according to a press statement. eToro, a stock-trading platform, announced plans to open offices in the city the same month.

Municipal governance seeks crypto incorporation

Miami is aiming to incorporate cryptocurrencies into its municipal governance. Suarez claims that the city is looking into enabling public personnel to be paid in bitcoin and allowing people to pay some fees and taxes in bitcoin. Thousands of bitcoin aficionados descended on the city in June for the world’s largest bitcoin conference.

CityCoins identifies itself as a group rather than a corporation. Patrick Stanley, the platform’s community leader, says CityCoins’ approach is directed by cryptocurrency aficionados online who connect on the Discord chat network and vote on what comes next.


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