Miami generates $7.1 million from a partnership where its residents uses a crypto protocol. This is part of Mayor Francis Suarez longer-term plan of a tax-free city.
Furthermore, report from the Washington Post reveals Miami’s partnership with the CityCoins protocol.
Noting, it saw profits in millions since the unveiling of the city’s token in August. Notably, Residents hold and trade “MiamiCoin” on the protocol representing stake in a municipality.
Also, there’s a percentage from the coins for Those running the software, where users get 70% and 30% returning to the municipality.
Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul
Related Posts – AMC Theatres Explores Accepting Dogecoin, CEO Sees Awing DOGE Poll Results
Also, Related Posts – AMC Theatres Explores Accepting Dogecoin, CEO Sees Awing DOGE Poll Results
Suarez is very bullish on the software. He places expectations that “Miami Coin” will generate $60 million for the city over the course of the year.
Additionally, Suarez is putting up more efforts to make Miami more attractive to crypto businesses. More so, he plans integrate the city services with the Ethereum blockchain. Working towards making crypto dealings easy in the city.
“We’re looking at a variety of things from being able to make payments in crypto, in bitcoin, in particular..,”
“…being able to pay your taxes, being able to pay fees to the city,” he explains on the April episode.
Conclusively, he’s setting his focus on mining for Miami.
picture credit – citycoins twitter
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.