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The City of Miami has shared plans to launch a cryptocurrency this summer to help raise additional funds for local projects.

July 30, 2021

3 minute reading

This story originally appeared in Yes[IN]encryption

The City of Miami has shared plans to launch a cryptocurrency this summer to help raise additional funds for local projects.

The city of Miami, Florida has announced that it will launch its own cryptocurrency in August. City officials said the coin will help increase revenue and expand the local economy. According to a report in Newsweek, Mayor of Miami Francis Suarez Said that “Due to the popularity of the Miami coin ($MIA), the city of Miami may end up earning millions of dollars, because obviously, Miami is now the Bitcoin capital of the world.”

Miami will use a project called ‘City Coin’ In order to launch the Miami coin. The service aims to allow cities to create customized digital coins to help raise funds for local projects.

CityCoin provides fundraising options for municipalities

According to the Miami Herald, Up to 30% of the funds raised by new digital assets will be used to pay for new city plans. The report pointed out that last week, Major Suarez A resolution was submitted to allow the city to study the possibility of accepting donations through a new crypto project called “CityCoin.” The plan allows local municipalities to raise funds by creating tokens specific to their city. The goal is to use funds from fans or citizens who want to participate and support MiamiCoin to fund urban projects. Currently, state and federal laws prohibit cities from accepting or holding any currency other than the U.S. dollar, so funds will be converted before being transferred to Miami.

Miami’s Chief Information Officer Michael Sarasti stated that the money can be used for “roads, parks, and regional resilience”, adding, “The idea is [MiamiCoin users] Investments are being made in the quality of the city’s future. Sarasti added that these funds must be used because the CityCoin agreement stipulates that the designated 30% cannot be used for other purposes.

Although the resolution From the mayor Passed unanimously, the report indicated that many committee members were unsure whether they could trust CityCoin to prevent their transactions from closing. Patrick Stanley, the founder of CityCoin, reminded officials that software is in place to automatically transfer digital currencies to cities in the form of U.S. dollars, thereby eliminating these concerns.

$MIA is scheduled to go live on August 3, and will mark the first CityCoin project to be listed. So far, San Francisco is the only other city that has confirmed that it has signed a contract, but there is no word on when the $SF will be released.

This story was first seen in Bein encryption

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