Miami Has Netted $8 Million Revenue From MiamiCoin, Says Mayor Suarez
Francis Suarez, the mayor of Miami said that the city has so far generated over $8 million from its partnership with CityCoins.
Miami has gone knees deep into crypto with the creation of its very own coin named after the city, and the mayor said that the move had been a huge booster for revenue collection. Mayor Suarez also announced that he planned to make Miami the “cryptocurrency innovation” hub” of the world.
Through a partnership with CityCoins, the city had rolled out MiamiCoin. The city gets 30% of all coins mined by users using the CityCoins protocol, and in the space of a month, CityCoins has now sent over $8 million to the city of Miami.
Miami’s low taxes has always been a pull for companies which the mayor plans to use to his advantage to entice new tech entrants to set up shop in the city. The mayor believes that the cryptocurrency innovation coming to the city could make Miami tax-free. Since Miami has some of the laxest laws surrounding cryptocurrency, it hopes to serve as a center of innovation for the burgeoning crypto space.
And as a result, crypto and financial innovation firms have been moving into the city of Miami. Its regulatory environment makes it favorable for both established and startup companies. The movement of tech companies into Miami will not only transform the city into a hotbed of innovation but will also positively affect the economy as these companies create more jobs in their wake.
Miami Embrace Crypto
Mayor Suarez has also toyed with the idea of paying wages in the city with crypto. He revealed that they were looking into ways to enable the payments of salaries and wages in bitcoin. And also exploring ways for residents to pay taxes and fees due 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 whatever they may owe to the government using crypto.
Although bullish on crypto, the city is also being careful in how it goes about its involvement in crypto. The coins held in its wallet are converted directly to dollars. But city officials are yet to spend the money. They are holding off for six months before spending any of the crypto gotten through MiamiCoin. This is to make sure that it is safe to spend the money before they begin doing so.
Miami has also started to attract crypto miners to the city. The mayor had asked miners about setting up mining farms near the South Florida Turkey Point nuclear power plant after miners had been forced to move out of China amid the crackdown.
