Miami Mayor Francis Suarez claims that the city is now the world’s Bitcoin capital, and that they are teaming with CityCoins to create its own cryptocurrency, which will be called MiamiCoin.
“This coin will help the city focus on ‘differentiating our economy,’” said Suarez.
In August, the city of Miami will introduce its own cryptocurrency, which authorities hope will produce millions of dollars in revenue.
Mining for the Miami-specific coin will begin on August 3rd.
CityCoins is working with local governments around the world to create a treasury of their own version of coin, a new digital currency.
Cities can offer local companies and citizens incentives to utilise the currency instead of cash.
30 percent of MiamiCoin earnings will go to the city’s general budget, generating a steady stream of revenue that can be used for infrastructure projects, city events, and startup company recruitment.
Suarez urged Bitcoin miners in China to relocate to Miami to dodge regulation in June.
He claims that completely embracing this technology might result in the city generating millions of dollars and differentiating its economy. He added that the funds might also be used to combat homelessness and support the police force.
The mayor claims that the Magic City has now become “the world’s bitcoin capital.”