The Miami Mayor Francis Suarez revealed that the city has so far generated more than $ 8 million of its partnership with CitycOINS. The city had plunged into crypto with the creation of its own coin named after the city, and the mayor said the move “was a game-changer” for revenue collection. A decision was made after the mayor announced that he plans to make Miami the “cryptocurrency innovation” hub of the world.
By teaming up with CityCoins, the city had deployed MiamiCoin. The city gets 30% of all coins mined by users using the CityCoins protocol, and within a month, CityCoins sent over $ 8 million to the city of Miami.
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The city’s low taxes have always attracted businesses that the mayor plans to use to his advantage to entice new tech entrants to settle in the city. The mayor believes that upcoming cryptocurrency innovation in the city could make Miami tax-exempt. Since Miami has some of the most lax cryptocurrency laws, it hopes to serve as an innovation hub for the burgeoning crypto space.
This has led to an influx of crypto and financial innovation firms into the city of Miami. Its regulatory environment makes it suitable for both established businesses and start-ups. The move of tech companies in Miami will not only turn the city into a hotbed of innovation, but will also positively affect the economy, as these companies will create more jobs in their wake.
Miami dives into crypto
Suarez also pioneered the idea of paying wages in the city with crypto. The mayor had revealed that they were looking for ways to allow the payment of wages and salaries in bitcoin. And also explore ways for residents to pay taxes and fees owed 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 for whatever they may owe the government using crypto.
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While bullish on crypto, the city is also paying attention to how it engages in crypto. Coins held in his wallet are converted directly into dollars. But city officials have yet to spend the money. According to this Washington Post report, they wait six months before spending any of the cryptos obtained through MiamiCoin. This is to make sure that it is safe to spend the money before you start doing it.
Lately, Miami has also started to attract crypto miners to the city. The mayor had asked the miners to set up mining farms near the South Florida Turkey Point nuclear power plant after the miners were forced to leave China amid the crackdown.
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Featured image from TotalKrypto, chart from TradingView.com