Miami is fast becoming the cryptocurrency capital of the United States. In August this year, Magic City became the first state in the United States to launch MiamiCoin (MIA), a proprietary cryptocurrency for citizen participation. A few months later, Mayor Francis Suarez announced that every Miami resident with a digital wallet would be eligible for Bitcoin income.
While such a proposal would make Miami the first city in America to offer Bitcoin (BTC) refunds to its residents, Mayor Suarez told the Cointelegraph that the city of Miami does not own or hold MiamiCoin or any other cryptocurrency for that matter.
According to Suarez, CityCoins is an independent community operating in its own capacity. “CityCoins launched MiamiCoin as a way for citizens to interact more closely with their cities and governments,” Suarez said. He also noted that part of CityCoin’s mission is to build the cities they aim to support, and give away 30% of all mining rewards to the city of the same name.
As rewards are distributed in cryptocurrencies, CityCoins manages Miami’s rewards until they are converted into dollars and officially transferred to the city. Suarez explained:
“The reason Miami residents will be able to make money with bitcoins is because before the city receives the gift of money from CityCoins, CityCoins can reinvest the MiamiCoin rewards and generate bitcoin revenue. I think Miami residents should receive every penny of that revenue.” The investment in his city deserves to be put back into society. ”
CityCoin Community Leader Patrick Stanley told the Cointelegraph that Miami has raised more than $ 22 million since the August 4 mining of MiamiCoin. More importantly, Stanley noted that this amount is nominated in the STX Stacks token. This is because CityCoins is a project built on Stacks, an open source network of decentralized applications and smart contracts built with the Bitcoin blockchain.
According to Stanley, STX brings in 10% bitcoin a year. With this in mind, he believes that over the next five to ten years, every Miami resident could receive hundreds or thousands of dollars a year in BTC, if this approach continues. Stanley explained:
“The city of Miami will test the BTC generated by the Treasury to transfer US dollars to its citizens. This is very powerful as the mayor of Suarez has essentially enabled all citizens to become supporters of the MiamiCoin Protocol, which will also allow people to create NFTs. , build apps and provide cryptocurrencies. ”
Given the potential of MiamiCoin, Suarez indicated that he is committed to giving all Miami residents the opportunity to participate in the cryptocurrency and blockchain movement. Stanley added that art worth more than $ 150,000 has been characterized by the use of MiamiCoin, and that the protocol can also drive smart contracts.
The timing of the adoption of CityCoins remains unclear
While MiamiCoin seems to be thriving, Suarez said he is fully aware of the legal hurdles and complications that can arise from adopting society. “It is impossible to know how quickly we can bring this to life,” he said.
While this is the case, it has become clear that other innovative US cities are planning to follow Miami’s line of CityCoin adoption. New York recently launched New YorkCityCoin (NYCCoin), which came shortly after the elected mayor Eric Adams announced that he wanted to make New York a crypto-friendly city. Stanley noted that after Adams mentioned the idea, the community voted for New York CityCoin. “New York turned against San Francisco because incoming Mayor Eric Adams spoke openly about the initiative,” Stanley explained.
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But if CityCoins succeeds, actions can say louder than words. For example, a recent Cointelegraph article noted that New Yorkers can not legally extract NYCCoin because residents do not have a compatible way to buy STX tokens. This is because the coin is not available on any exchange that has a BitLicense, which is required by residents who buy crypto in New York.
Interestingly, at the time of writing, over $ 7 million has been raised from NYCCoin Mining since mining began on November 11th. However, Stanley noted that you do not have to be a resident of the city that CityCoin represents to extract it:
“MiamiCoin is an open membership protocol. All you need is an online wallet, select the CityCoin you want to receive, and redirect Stack payments.”
Stanley added that Austin CityCoin could be the next given Austin Mayor Steve Adler’s interest in cryptocurrency.