Miami Mayor Francis Suarez highlighted the success of a recent initiative to fund municipal projects with revenues from a city-specific crypto protocol built on the Bitcoin blockchain.
In September, the City of Miami Commissioners voted to accept funds generated by the new cryptocurrency MiamiCoin, launched in August by CityCoins. The coin is built on Stacks, an open source network of decentralized applications and smart contracts that use the Bitcoin blockchain as a programmable framework.
The MiamiCoin hard token is a requirement that 30% of all mined coins go to a digital wallet dedicated to the city. The money will be used for projects such as climate change mitigation projects, funding measures for low-income communities, and investments in coding training for tech entrepreneurs.
Fox Business calculated last week that about $ 2,500 from Stacks (STX), then priced at $ 1.50, was poured into the city wallet every 10 minutes. In an interview with Fox on Monday, Mayor Suarez confirmed the estimate, noting that mining revenue was more than $ 2,000 every 10 minutes and “more than $ 5 million in the last 30 days.”
In voting to accept the money raised since August, the City of Miami Commission has yet to vote to use it. Instead, he accepted the income in US dollars and wanted to keep it as a reserve for future municipal expenses. Conversion to fiat currency ensures that the city does not store cryptocurrency directly. In an interview with Fox, Suarez said about the initiative:
“This is interesting because this is not a forced tax, it is not an act of charity, it is something completely different and could revolutionize the way governments are funded in the future.”
“In theory, the city could generate enough taxes through MiamiCoin so that our citizens don’t have to pay a cent in taxes,” he added.
According to other estimates, Miami attracted more tech jobs over the summer, according to data provided by Antonio Delgado, vice president of innovation and technology partnerships at Miami-Dade College:
On the subject: Civic Engagement and Cryptocurrency: Miami Reveals Its Own Digital Currency
In line with the Mayor of Suarez’s many cryptocurrency support initiatives, the Miami-Dade County Commissioner this spring backed a resolution aimed at allowing citizens to use cryptocurrencies like bitcoins to pay local taxes. The mayor has proposed a formal solution that bitcoin will be considered an acceptable payment instrument in various parts of the city administration in February. The committee agreed to examine the feasibility of the proposal instead of taking immediate steps to implement it.