The City of Miami Commission voted to withdrawal $4.5 million in MiamiCoin contributions that will be used for local projects.
The MiamiCoin project in Florida has already seen contributions to the protocol swell to around $4.5 million in a little over a month. MiamiCoin is a cryptocurrency that runs on the Stacks Protocol and gives the city a new way to raise funds for city projects. The mining process sends some of the crypto earned into a wallet that the City of Miami can use to help the financial needs of the city. An investment in MiamiCoin is, in essence, an investment in the city of Miami.
Miners who work with MiamiCoin earn crypto along with helping to support Miami.
“Miami’s decision to hold a cryptocurrency wallet in its treasury is setting a precedent for forward-looking cities across the US and the world. Mayor Suarez and his team, along with the CityCoins community, are pioneering a new era of civic engagement and proving how municipal governments can embrace innovation to benefit their constituents. The millions of dollars that the MiamiCoin protocol has generated for Miami in the last six weeks is only the beginning. More cities are going to follow suit with adopting cryptocurrency to engage citizens and help fund urban development.”
According to CityCoins, “Protocol contributions will continue to replenish and grow as the MiamiCoin protocol gets more usage. Contributions are initially denominated in STX tokens but will be auto-converted to USD when the city accesses its wallet—ensuring funds are legally compliant and available for immediate, real-world deployment.”
Miami cashing in
This marks the first time that Maimi has voted to claim the crypto earned from MiamiCoin since launching in early August.
According to CityCoins, creator of MiamiCoin, the funds will be allocated to several areas as proposed by Mayor Francis Suarez. Mayor Suarez has stated his intent to spread the funds around to programs that mitigate the risk of climate change for Miami, funding initiatives to help underprivileged residents, and educating tech entrepreneurs on cryptocurrency.
In a tweet on the news, Mayor Suarez said that “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!”
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.