Miami is on track to be the first city government to accept CityCoins
Mayor Francis Suarez says “Miami has now become the Bitcoin capital of the world.”
CityCoins goes live tomorrow, August 3, with the launch of MiamiCoin mining. Launching a city’s CityCoin, however, is only part of the community’s vision for municipal sovereignty. When mining begins, 30% of STX forwarded by miners will automatically go to a wallet reserved for the city that can be automatically converted into USD. For those funds to be put to use, however, the city must agree to accept the protocol contribution and state its intention to be part of the CityCoins ecosystem.
Last week, Miami became the first city to start this process.
This means with the launch of MiamiCoin on August 3, the STX forwarded by MiamiCoin miners will be able to be claimed immediately by the city of Miami.
Why is CityCoins starting in Miami? Miami has long been a center of culture and innovation in the US, and over the last year the city has increasingly taken center stage as a tech and crypto startup city due to technologically progressive leadership.
As Mayor Francis Suarez stated: “The City of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin, because obviously Miami has now become, and we've talked about this many times on your program, the bitcoin capitol of the world; and we're focusing on differentiating our economy by creating the new wave of technological products that will incentivize people to move to Miami and be part of our tech ecosystem.”