Miami will become the first city to launch its own dedicated cryptocurrency, as a part of its broader plan to make the city a more crypto-friendly space.
The new coin, MiamiCoin, will be accessible through straight up purchases or by mining.
Effectively, MiamiCoin is a CityCoin, which is a type of digital asset that enables people to invest in a city by purchasing tokens.
Explaining what the new coin would do, CityCoin’s website says: “MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders.”
Based on the Stacks protocol, citizens who wish to buy or mine the MiamiCoin can support their city as well as generate various benefits from the blockchain.
Another perk is, if the project becomes successful enough, MiamiCoin holders would be able to generate passive Bitcoin income by simply holding to their CityCoin.
If Miami proves a success, CityCoin is planning to pitch similar projects to other places around the US. Miami has long been a crypto-friendly place with Mayor Francis Suarez touting the benefits of blockchain and Bitcoin for a long while.
Following the exodus of Chinese Bitcoin miners, Suarez wanted to host as many companies interested to mine Bitcoin in the Magic City, calling the city “the Bitcoin capital of the world”, albeit this statement ought to be taken with a pinch of salt.
Suarez is also looking to turn Miami into a place for sustainable Bitcoin mining, but the current electricity cost is not enticing BTC miners.
However, Suarez is confident that Miami could generate millions of dollars through the rollout of MiamiCoin. “It’s like a Bitcoin and it’s on the blockchain protocol, so whenever that coin is mined, a percentage of the coin by virtue of the programing goes to the City of Miami”, Suarez said.
For those interested in using traditional Bitcoin for fun, though, you can visit great igaming websites such as Bitcasino, 1xBit and FortuneJack.