MiamiCoin generated $2K every 10 minutes for the city, says mayor

Read the full article by: Marie Huillet

Miami’s mayor believes that if city-specific cryptos succeed, it would mean residents “won’t have to pay a cent in tax.”

Francis Suarez, Mayor of Miami, has touted in the past that “we want to be the most innovative city in the planet”. His push for municipal projects funding to come from a Miami-specific coin could be seen as the first step. On September 13th, city commissioners voted to accept the proposed “Miami Coin”, which was launched in August & is built atop the Stacks. Built directly into the smart contract of the coin is a requirement for 30% of all coins mined to go to a digital wallet, the proceeds will then be used to fund municipal projects. Fox Business estimated that $2,500 worth of the coin was being deposited into the wallet every 10 minutes, roughly 5 million dollars over the past 30 days. While the funds haven’t been designated for any project, instead they are being held in reserve for future projects, and while disappointing that we won’t see the first “Crypto built bridge” any time soon, it will be exciting to see if any other cities see the success of this project and begin to follow suit.