Miami City Launches Its Native Digital Token MiamiCoin (MIA)
Miami, one of the most crypto-friendly cities in the United States, is getting its native digital currency MiamiCoin (MIA). The announcement comes within two months of Miami conducting its Bitcoin conference.
Miami Mayor Francis Suarez has been much vocal about his support for Bitcoin and the overall cryptocurrency technology. The Mayor has initiated several crypto-friendly measures while attracting miners and other players from the crypto industry.
Today @JoinFreehold and members of the Stacks community are announcing CityCoins (https://t.co/y1GN8LjGNy) with MiamiCoin ($MIA) being the first CityCoin.
CityCoins let you invest in your favorite city while earning for yourself.
Here’s how: 🧵👇
— patrickwstanley.btc (@PatrickWStanley) June 2, 2021
The Miami Mayor noted that the MiamiCoin will further help the city in enhancing its “tech ecosystem”. To accomplish this project, the Miami administration joined hands with CityCoins.
The reason for choosing CityCoins is that it also allows users to mine coins of their favorite city. CityCoins allows users to generate two types of cryptocurrencies – Bitcoin (BTC) and stack tokens (STX). This will allow miners to divert their funds to the treasuries of specific cities.
Working of MiamiCoin
As said, CityCoins has built the MiamiCoin using its own programmable blockchain Stacks (STX). Starting Tuesday, August 3, users on the blockchain can start mining the MIA coins.
However, 30% of the revenue generated through mining shall go to Miami. The city will use these funds in further projects for its welfare and overall development.
Interestingly, on the remaining 70%, owners of MiamiCoin (MIA) can lock the remaining 70% to earn rewards in BTC and STX. Local news publication The Miami Herald was the first to discuss this coin last month. Explaining the use of MiamiCoin (MIA), Michael Sarasti, Miami’s chief information officer and its director of innovation and technology said:
“We could use it for roads, parks, regional resilience — the idea is [MiamiCoin users] are making an investment in the quality of the city’s future. They’re betting on Miami to be successful, and from a holder perspective, when Miami does better, their coin does better.”
Speaking to Fox Business last month, Maimi Mayor Francis Suarez said that this is a win-win for all stakeholders and can potentially bring millions of dollars in revenue for the city. He further added:
“Miami has now become … the bitcoin capitol of the world, and we’re focusing on differentiating our economy by creating the new wave of technological products that will incentivize people to move to Miami and be part of our tech ecosystem”.
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility
- U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
