- In August, the city of Miami will launch its own cryptocurrency
- Miami Mayor Francis Suarez claims the city has officially become the world’s Bitcoin capital
- CityCoins is contracting with local governments to build up a treasury of their own version of the coin
In August, the city of Miami will introduce its own cryptocurrency, which authorities hope will produce millions of dollars in revenue. 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. Thousands of people converged on Miami on Friday for a big two-day bitcoin conference, indicating that the US city, which is experiencing a digital boom, is seeking to become the next cryptocurrency hotspot.
Partnership with local governments for city’s budget
CityCoins is partnering with local governments to create a treasury of their own coin, a new digital currency, in towns all around the world. In Miami, 30 percent of MiamiCoin’s 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.
Cities can provide local companies and citizens incentives to utilize the currency instead of cash. Mining for the Miami-specific coin will begin on August 3rd.
Thousands of people converged on Miami on Friday for a big two-day bitcoin conference, indicating that the US city, which is experiencing a digital boom, is seeking to become the next cryptocurrency hotspot. They don’t require the current banking institutions. They have one that is thriving, sound, community-owned, and community-driven, according to Dorsey, one of the keynote presenters at Bitcoin 2021.
Square is considering producing a hardware wallet for safely keeping bitcoin, according to Square CEO Jack Dorsey, who tweeted on Friday. The Bitcoin 2021 trade show comprises exhibitors from crypto mining businesses, crypto traders, and bitcoin exchange networks, with over 12,000 attendees and all speaker sessions sold out. The conference was originally slated to take place in Los Angeles but was rescheduled due to California’s stricter coronavirus regulations.
The line to get into the Mana Convention Center in Miami’s trendy Wynwood neighborhood wrapped around the building. Everyone was in high spirits and there were no face masks to be seen. Beyond Dorsey, two of the other speakers were Cameron and Tyler Winklevoss, twin Harvard classmates of Mark Zuckerberg who sued him over claims he stole the idea for Facebook from them, and now run cryptocurrency exchange Gemini.
Suarez advised Chinese Bitcoin miners to relocate to Miami
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 city of San Francisco has also pondered producing its own currency.
As a result, Miami will gain from the adoption of the MiamiCoin, as well as the branding that comes with it. That money will go straight into our general fund, which will be used to help people who are homeless. Francis Suarez has been a staunch proponent of blockchain and cryptocurrency adoption throughout the year 2021. His launch of MiamiCoin comes just six months after announcing his grandiose aspirations to turn Miami into a crypto hub, including maybe adding Bitcoin to the city’s treasury.