Transforming a whole city into a cryptocurrency innovation hub with a reduced carbon footprint is no easy feat. However, Francis Suarez, mayor of Miami, has lofty dreams to make the city tax-free and built on cryptocurrency trading.
Suarez has introduced Miami Coin as an endeavor in collaboration with CityCoins, an open-source nonprofit organization that allows people to buy and sell Bitcoin through stakes in the municipality.
Miami Coin has the potential to revolutionize taxation systems around the world while simultaneously bringing down the overall carbon footprint and improving Bitcoin profits.
What is Miami Coin?
CityCoins launched Miami Coin in August 2021. It allows investors and traders an opportunity to contribute to the growth of their city by expanding the crypto industry and earning an income.
When an investor buys or mines Miami Coin, 30% of the rewards are given to the city and its expansion. This way, investors can earn some quick money and contribute to their community.
Traders can earn money through Bitcoin in two ways – staking (holding specific types of crypto and earning rewards in the process) or mining (solving complex equations and obtaining rewards in the form of crypto).
Regardless of how the investor chooses to make money through Miami Coin, 70% of the reward goes straight to their accounts. The remaining 30% gets allocated to the city and serves as funding for various projects.
Miami Coin is the first-ever city-based crypto token. CityCoins predicts that San Francisco may follow suit, depending on the rate of success presented by Miami Coin.
The base cryptocurrency responsible for supporting Miami Coin is called Stacks. Miners mint Stacks and send the tokens to CityCoins. Once the tokens are received, CityCoins will generate Miami Coins.
The more Stacks miners send to CityCoins, the higher their chances of receiving new Miami Coins as rewards. If citizens are interested in buying and selling Miami Coin, they can find it on Okcoin, a popular crypto exchange.
Why Miami Coin?
Choosing to invest in the crypto trade using Miami Coins offers several benefits to investors. CityCoins launched a city-based token keeping community sentiment in mind.
A new stream of revenue grounded in a collective will encourage citizens to collaborate and contribute to the city’s betterment. There is also the added benefit of introducing a collaborative and recent technology to the town’s people.
Every city that introduces these tokens supported by CityCoins will have its customized digital wallet. The wallet and all the transactions will be handled by a third party to ensure maximum security. The tokens can also be converted to US dollars according to the investors’ needs.
Miami was the first choice for CityCoins’ new initiative. The mayor, Suarez, is known for his openness to crypto and has been embracing digital assets since the beginning of his term.
Whether hosting Bitcoin gatherings or courting miners to set up their businesses in his city, he has become a friend to crypto enthusiasts.
Crypto-Integration into the Miami Economy
Miami is one of the many cities trying to integrate cryptocurrency into the city government and its daily functioning. The mayor says that the city is trying to have employees paid in Bitcoin and is also trying to allow citizens to pay taxes ins Bitcoin instead of USD.
Back in June 2021, Miami hosted the largest Bitcoin conference in the world for crypto enthusiasts. Given these circumstances, it comes as no surprise that Miami has worked in conjunction with CityCoins to expand the city’s crypto resources and bring in more profits.
Importance of Miami Coin
Miami’s vote to accept cryptocurrency as city-based contributions was a big moment for the cryptocurrency industry. In recent years, crypto enthusiasts have been facing scrutiny and flack from regulators and lawmakers.
Authorities are uncertain about the future of cryptocurrencies and crypto trade, mainly due to its volatility and unreliability. Many lawmakers question the validity of the crypto trade as they view them as dodgy financial instruments that can lose control since nobody controls its movement.
However, Miami’s move towards accepting Miami Coin as a legitimate currency that will contribute to the crypto trade and the city’s overall development is an essential and recognizable step.
The city has decided not to spend the money accumulated for the first six months. This is being done to prevent fraud and general misuse. The six-month time frame also acts as a buffer period where authorities can respond if any issues arise.
After supporting the release of Miami Coin, mayor Frances Suarez took his attempts at improving crypto trade further. He proposed the setting up of various Bitcoin mining facilities close to the Turkey Point nuclear power plant.
Suarez aimed to establish these mining facilities in the south side of Florida to bring down the impact of Bitcoin mining on the environment and non-renewable sources of energy.
By the end of September 2021, the city of Miami had approved approximately $5 million worth of Miami Coin. The city and the mayor are running, hoping that the pace of mining will start to pick up once Miami Coin gains some more popularity amongst the citizens.
With more mining, Miami is looking to build an entirely tax-free future. Since citizens who invest in Miami Coin automatically transfer 30% of their earnings to the city, the government plans on lifting additional taxes.
Miami’s slow rise to being one of the world’s tech and the crypto epicenter is evident with the growth and acceptance of Miami Coin. As more and more citizens invest in Miami Coin, hiring in cryptocurrency firms is also starting to experience an uptick.
Cryptocurrency investment firms such as Orca Capital and financial consulting company 0 Percent have been reporting higher rates of hiring ever since Miami Coin was introduced in the city.
Pro-crypto policies, along with less stringent regulations in Florida, have resulted in the creation of an encouraging environment for the crypto industry and tech companies to grow exponentially in Miami.