The residents of the US beach town of Miami could soon get a few freshly minted MiamiCoins into their crypto wallets for free. Francis Suarez, the Mayor of Miami, is working on a project to get Bitcoin wallets for everyone in the city and to store these native crypto-coins in them as passive income and savings pool. Based on Bitcoin technology, MiamiCoin was launched exclusively for residents of the beach town in September of this year. Suarez now plans to share MiamiCoin profits with his wards.
Suarez revealed this project when he was interviewed for a television show. The official Twitter handle of the 44-year-old Mayor of Miami also later confirmed the development on the microblogging platform.
MiamiCoin staking has generated over $ 22 million (approximately Rs.163 billion) in profits, according to information on the MiamiCoin City Wallet website.
MiamiCoin reserve wallets are converted to US dollars according to instructions from city officials. According to a report by CryptoPotato, Suarez believes that the city’s tax needs could be met in full without emptying their pockets if his city’s indigenous crypto coin continued to generate such millions in profits.
The technology behind MiamiCoin is backed by a start-up called CityCoins, while the administrative and political aspects are managed by the beach town’s administrative departments.
According to CoinMarketCap, a single token of the MiamiCoin currently costs $ 0.02388 (approximately 1.78 rupees).
To reduce the carbon footprint of Bitcoin mining, Suarez is facilitating the process from a nuclear power plant in the state of Florida.
Next year in April, Miami will host a mega crypto event called “Bitcoin 2022”. According to its official site, this will be the world’s largest conference focused on the world’s most valuable cryptocurrency, Bitcoin, which was trading at around its recently marked all-time high of $ 70,286 (roughly 52.3 lakh) according to the Gadgets 360 Tracker Time of writing.
Inspired by MiamiCoin, more and more cities in the US are exploring the introduction of their native crypto coins.
New York City Mayor-Elect Eric Adam recently announced that NYCCoin will be the next city token to be launched. The CityCoins start-up will make these tokens possible.
City tokens are programmable tokens that are designed to become an additional source of income for local governments through the mining of the tokens by residents. Those who run the software earn a percentage of the coins they mint.
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