TL; DR Breakdown
- City of Miami plans to launch a crypto
- Such crypto will be first of its kind in the world
- If this works, other cities could follow suit
The US city of Miami is planning to delve into the crypto space with its own issue of in-house crypto to be used by city residents. If embraced well, the coin, called MiamiCoin (MIA), will boost the city’s economy by injecting millions of dollars into circulation. The city will partner with Join Free Hold to create the coin on the CityCoin platform. Plans to create the crypto have been in the pipeline since June and were announced in a Twitter post by Mayor Francis Suarez.
MiamiCoin will be a revolutionary digital currency to be created on the CityCoin blockchain platform and users can borrow, lend, or mine the coin. Holders will also have a chance to earn Bitcoin rewards. Given that the city has close to half a million residents, the coin is well-poised for good reception. Also, it will play a huge role in encouraging more people to move to Miami and help grow the city’s economy in the process. Back in December 2020, the city mayor announced his willingness to put some of the city’s reserves in Bitcoin.
First of its kind
The coin is the first crypto of its kind. According to the Mayor, the new crypto will help solve issues of homelessness in the city. Out of the number of coins issued, 70% of the money will go to miners will 30% will go to the city and appropriated to a special program aimed at ending homelessness.
Being the first-ever crypto coin designed for a city, this coin could pioneer a wave of similar coins implemented in various cities across the world. This would fuel crypto adoption. In a Twitter post back in January, Mayor Suarez outlined his vision to make Miami city the ultimate destination for blockchain builders and crypto fans.
Indeed, Miami has been very friendly towards cryptos. Just recently, the city welcomed Chinese Bitcoin miners to set up mining bases there.