Major City Develops Its OWN Crypto Coin?
Who would have thought?
During a recent interview, Miami Mayor Francis Suarez talked about how their city’s own new cryptocurrency called “MiamiCoin” generated an astounding $5 million for the city in just 30 days. Mayor Suarez said this new model will “revolutionize the way governments are funded in the future.”
According to Fox News, “For every MiamiCoin that people mine (or create) using a base cryptocurrency called Stacks, which has its own token, Miami gets funding that elected leaders can use to improve quality of life for city residents.“
Mayor Suarez wrote on Twitter, “The @CityofMiami decision to accept the gift contributions generated by the @mineCityCoins Protocol-currently valued at $4.3M-represents a major milestone in Miami’s quest to become a crypto innovation hub. Funds that will directly impact the lives of all our residents!”
Suarez further explained, “every time MiamiCoin is exchanged between one person and another, the protocol requires 30% of the reward for that mining transaction to go directly to the city.”
“It is generating $2000 every 10 minutes and over $5 million in the last 30 days so it’s on pace to raise about $60 million,” Suarez said enthusiastically. “It’s not an involuntary tax and it’s not philanthropy.”
“It’s something that is completely different and could revolutionize the way governments are funded in the future,” Suarez added.
Then Suarez dropped a shocker and said, “It is theoretically possible that the city of Miami, through MiamiCoin, could generate enough taxes so that our residents don’t have to pay one cent in taxes. That would be revolutionary.”
Miami is moving forward with ‘MiamiCoin.’
“We wanna be the most innovative city on the planet,” Miami Mayor @francissuarez says. With MiamiCoin, “this is gonna create a national model that people are gonna look at as a different way of funding our government,” he adds. pic.twitter.com/ewTFQioBnD
— Yahoo Finance (@YahooFinance) September 17, 2021
