MiamiCoin generates two thousand dollars every 10 minutes for the city of Miami!

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Mayor of Miami celebrated, Francis Suarez, successfully completed a recent initiative, to fund municipal projects with the proceeds of a city-specific cryptographic protocol, created on a chain Bitcoin blockchain.

Where Miami city commissioners voted in 13 September, to accept funds generated by a new cryptocurrency, namely Miami Coin MiamiCoin, which was launched in August by City Coins.

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The currency was built on Stacks, which is an open source network of decentralized applications and smart contracts that use Bitcoin blockchain, as a programmable base layer.

While the hard coding in the . protocol is Miami Coin MiamiCoin It is a prerequisite that 30% of all mined coins, to a digital wallet dedicated to the city.

The money will also go towards spending on projects, such as climate change mitigation projects, funding initiatives for poor communities, and investing in coding education for tech entrepreneurs.

On the other hand, she appreciated Fox Business Last week, it was converted nearly 2500 dollar of Stacks (STX), at its value at the time 1.50 dollars to city purse every 10 minutes.

The mayor has confirmed Suarez This approximate figure, in an interview with Fox Last Monday, he indicated that mining revenues had generated more than two thousand dollars each 10 minutes, and “More than $5 million over the past 30 days.”.

The Miami City Commission, which has yet to vote to spend it, has not voted to accept the money raised since August, instead accepting the proceeds in the equivalent of US dollars, and will hold it as a reserve for future municipal spending.

The city of Miami is planning to launch its cryptocurrency “Miami Coin” and is looking for support for its initiatives

While converting to fiat currency, it will ensure that the city does not hold the cryptocurrency directly. where he said Suarez About the initiative in his interview with the channel Fox Fox :

"It's interesting, because it's not a charity, it's not a mandatory tax, it's something completely different, and it could revolutionize the way governments are financed in the future."

“It is theoretically possible for the city to generate sufficient taxes through Miami MiamiCoin, so that our residents do not have to pay a single cent in tax.”

Other metrics seemed to indicate that Miami was attracting more tech vacancies over the summer, according to data shared by the vice president of innovation and technology partnerships at the College of Education. Miami Dade Miami Dade، Antonio Delgado :

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As the county commissioner Miami did Miami Dade, supported by a decision, aimed at allowing residents to use cryptocurrencies such as Bitcoin in paying local taxes.

While the mayor proposed an official decision that would make Bitcoin Payment instrument accepted in various parts of the city administration in February, and the committee agreed to study the feasibility of the proposal rather than take immediate steps to implement it.