MiamiCoin Introduced the City of Miami Over $5.2M, Says Mayor

Miami Mayor Francis Suarez sees the town as a hotbed of innovation after a historic disbursement of MiamiCoin.

Suarez made the announcement through tweet, calling the cash-out from MiamiCoin a “historic moment,” writing partially that the town of Miami additionally “received its first-ever disbursement…totaling $5.25m” from the occasion.

What is MiamiCoin?

MiamiCoin ($MIA), the town’s personal cryptocurrency in addition to the primary metropolis within the U.S. to present its residents bitcoin as dividends from proceeds generated from its personal cryptocurrency, is definitely groundbreaking and a step nearer to falling into alignment with Mayor Suarez’ plan to rework Miami into the world’s “cryptocurrency innovation hub” and one which he claims may doubtlessly be a metropolis free from taxes.

MiamiCoin, which first launched again in August 2021, runs on the Stacks protocol partnered with CityCash, a nonprofit and opensource protocol that runs on the Stacks (STX) blockchain that enables people to carry and commerce crypto representing a stake in a municipality. In flip, this could enable customers to mint new tokens and earn a proportion of the cryptocurrency they create, with the pc program robotically allocating 30% of the foreign money to a choose metropolis, whereas customers retain the opposite 70 %.

Miami’s reserve pockets robotically converts deposited tokens into U.S. {dollars}, with metropolis officers having the authority to resolve when to money out, which as of Feb. 2, it simply did for the primary time.

Currently, the MiamiCoin has yielded $15 million in income to the town in simply 4 to 5 months, with each citizen receiving their distribution of their digital pockets.

“They are going to get something valuable that they can use for everyday things,” mentioned Suarez in an interview with Fox & Friends.

If the yields develop, Suarez opines they might really “run the city without taxes.” If the income attain $450 million, they might really use it to pay the town’s taxes and proceed working the day-to-day requirements.

“When you think about the possibility of being able to run a government without the citizens having to pay taxes. That’s incredible,” Suarez mentioned again in September 2021, including that the partnership [with CityCoins] creates a “counternarrative” to the concept metropolis packages require elevating taxes or “private sector philanthropy.”

Since August 2021, MiamiCoin has appreciated 65.9%, in line with Coinbase.

How Miami residents are responding

The residents of Miami “are incredibly excited,” in line with Suarez. They are comfortable that Suarez is innovating and utilizing next-generation know-how in its journey in direction of changing into a hub of capital, rightfully positioned on the heart of the economies of Silicon Valley, the Middle East, South America, and Europe.

“Miami is the city of choice for tech job migration,” says Suarez. “They have attracted $1.2T worth of invested assets. They’ve grown 200% in venture capital deals compared to this time last year.”

It’s clear that Miami has definitely benefited from MiamiCoin, which may incentivize different cities and municipalities to observe in its pathway to changing into every little thing the Mayor hopes it is going to be. For the second although, the cash will likely be staked to earn income, which will likely be paid out as dividends to residents in bitcoin.

Throughout Suarez’ tenure, he has continued to not solely be a strong advocate for bitcoin, however a powerful voice in encouraging bitcoin miners to flock to Miami to benefit from cleaner nuclear power.

Unfortunately, state statutes don’t enable cities to take a position into risky property like bitcoin – but, this might have been akin to MicroStrategy’s perspective of shopping for bitcoin with its money reserves.

Mayor Suarez additionally highlighted the precedence of paying authorities salaries in bitcoin – with him selecting to just accept his wage in bitcoin. The Miami mayor was additionally a current keynote speaker on the North American bitcoin convention that passed off from Jan. 17 to 19.

He additionally was a keynote speaker at The North American Bitcoin Conference from Jan. 17-19, 2022, alongside billionaire investor Mark Cuban.

Whose Next? Philly, Austin, New York

Last November, New York City grew to become the second metropolis after Miami to launch its NYCCoin additionally in partnership with CityCash, the place much like MiamiCoin, NYCCoin miners will obtain STX and BTC rewards for supplying the town with tokens.

Earlier this week, Philadelphia Mayor Jim Kenney endorsed the thought of additionally partnering with CityCash to develop a crypto for Philadelphia. Adding support, the town’s chief data officer, Mark Wheeler additionally publicly shared in a tweet that “Philly is ready” and has the “[greenlight] to proceed.”