Mayor Says MiamiCoin Has Generated $8 Million In Revenue For The City

The mayor of Miami, Francis Suarez has revealed that the city has so far generated over $8 million from its partnership with CitycOINS. The city had taken a plunge into crypto with the creation of its very own coin named after the city, and the mayor said that the move had been a “game-changer” for revenue collection. A move was made after the mayor had announced that he planned to make Miami the “cryptocurrency innovation” hub” of the world.

Teaming up with CityCoins, the city had rolled out MiamiCoin. The city gets 30% of all coins mined by users using the CityCoins protocol, and in the space of a month, CityCoins has now sent over $8 million to the city of Miami.

Related Reading | Founder Of Compound Finance Apologizes For Lashing Out After Bug Caused ~$50M Token Loss

The city’s low taxes has always been a pull for companies which the mayor plans to use to his advantage to entice new tech entrants to set up shop in the city. The mayor believes that the cryptocurrency innovation coming to the city could make Miami tax-free. Since Miami has some of the laxest laws surrounding cryptocurrency, it hopes to serve as a center of innovation for the burgeoning crypto space.

This has led to an influx of crypto and financial innovation firms moving into the city of Miami. Its regulatory environment makes it suitable for both established and startup companies. The movement of tech companies into Miami will not only transform the city into a hotbed of innovation but will also positively affect the economy as these companies create more jobs in their wake.

Miami Taking The Plunge Into Crypto

Suarez has also floated the idea of paying wages in the city with crypto. The mayor had revealed that they were looking into ways to enable the payments of salaries and wages in bitcoin. And also exploring ways for residents to pay taxes and fees due using crypto. So in addition to being able to mine coins that would also benefit the city, residents can use their crypto holdings to pay whatever they may owe to the government using crypto.

Related Reading | Kraken Unveils Security Vulnerabilities In A Large Number Of U.S. Bitcoin ATMs

Although bullish on crypto, the city is also being careful in how it goes about its involvement in crypto. The coins held in its wallet are converted directly to dollars. But city officials are yet to spend the money. According to this Washington Post report, they are holding off for six months before spending any of the crypto gotten through MiamiCoin. This is to make sure that it is safe to spend the money before they begin doing so.

Miami has, of late, also begun to attract crypto miners to the city. The mayor had asked miners about setting up mining farms near the South Florida Turkey Point nuclear power plant after miners had been forced to move out of China amid the crackdown.

Crypto total market cap recovers above $2 trillion | Source: Crypto Total Market Cap on TradingView.com

Featured image from TotalKrypto, chart from TradingView.com