Miami released its own cryptocurrency and earned $ 7 million in two months

Still 4 August in Miami (Florida) launched their own cryptocurrency called MiamiCoin... For almost two months, the authorities managed to earn more than $ 7 million. According to the mayor of the city, Francis Suarez, in a year MiamiCoin will be able to bring about $ 60 million to the budget. secretmag.

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Over the past month alone, MiamiCoin has risen by 54%. The launch of the cryptocurrency took place on the CityCoins platform. It allows cities to issue their own digital money and thus earn.

The proceeds will be used to finance infrastructure projects and social programs.

CityCoins allows people to store and trade cryptocurrencies representing a stake in a municipality. By running the software on their personal computers, CityCoins users mint new tokens and earn a percentage of the cryptocurrency they have created. The computer program automatically allocates 30% of the currency to the selected city, and the remaining 70% is received by users, writes The Washington Post.

Since CityCoins introduced MiamiCoin in August, Miami has generated approximately $ 7,1 million in revenue.

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While the program is still in its infancy, Suarez (R) estimates that it could bring in about $ 60 million in Miami next year and ultimately "revolutionize" the way the city finances programs that address poverty and other social issues. ...

Miami is trying to integrate cryptocurrency into city government. According to Suarez, he is studying the possibility of paying city employees in bitcoins, as well as the issue of allowing residents to pay some fees and taxes in bitcoins. In June, the city hosted the world's largest Bitcoin conference for thousands of enthusiasts.

Suarez plans to turn the city into a global "hub for cryptocurrency innovation," and one of the results, he says, could be a tax-free metropolis.

MiamiCoin uses an underlying cryptocurrency called Stacks. MiamiCoins are generated as miners coin stacks and transfer tokens to CityCoins. The miners who sent the most stacks have the best chance of getting new MiamiCoins.

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People interested in buying or trading MiamiCoin products can find them on the Okcoin crypto exchange. Tokens are of interest to those who wish to support Miami, or gain value if demand exceeds supply.

The Miami Reserve Wallet automatically converts the deposited tokens to US dollars, and the city decides when to cash out. Anyone can download the MiamiCoin software to compete for the reward, experts say.

According to Suarez, the city has not spent money for six months to protect itself from fraud and misuse. It gives city officials time to react in case of problems.

“There are scenarios in which we will retreat,” the mayor said. — What if there is some kind of fraud involved or people file a lawsuit? We have no reason to believe this will happen. But anything can happen. And we want to be careful."

Miami's high-profile attempts to attract investment in cryptocurrency have attracted CityCoins, and now there is competition between cities to create similar partnerships.

San Francisco, California, the epicenter of the tech industry, is likely to be the next to receive the CityCoins token.

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