Mayor of Miami Confirms Miami Coin Has Raised $8 Million in City Revenue

The city of Miami has recently plunged into cryptocurrency, by creating its own currency that is named after her Miamicoin.

Where revealed the mayor of the city Francis Suarez That the city has achieved so far, more than eight Millions of dollars thanks to its partnership with citycoin.

The mayor said:

“This step was like Changing the rules of the game in revenue collection.

A new step has been taken, after the mayor of Miami announced Frances Suarez, having a plan to make Miami Cryptocurrency Innovation Center In the world.

It was in cooperation with CityCoins, where the city introduced a coin MiamiCoin Then the statement.

And the city gets 30 % of all coins mined by users, using the . protocol CityCoins.

Within a month, I sent CityCoins So far more than eight Millions Dollars to Miami.

Miami is an innovation hub for cryptocurrency

The city's low taxes have long been a magnet for businesses, and the mayor plans to use that attraction to his advantage, targeting new entrants in technology, to set up shop in the city.

The mayor believes that the next cryptocurrency innovation in town, could make Miami tax-free.

Given some of the more lenient laws regarding these coins, the city hopes to serve as a A center for innovation in the field of cryptocurrency booming.

This has led to a rush of crypto and financial innovation companies to the city of Miami, with its regulatory environment making it suitable for both established companies and start-ups.

The relocation of technology companies to Miami will not only turn the city into a hotbed of innovation, but will also positively affect the economy, as these companies create more jobs in their wake.

Miami and immersion in the world of crypto

Plan Suarez Also, the idea of ​​paying wages in the city in cryptocurrency, as he revealed that they were looking for ways to enable the payment of wages and wages in a currency Bitcoin, and also explore ways for residents to pay taxes and fees using cryptocurrencies.

In addition to being able to mine coins that will benefit the city, residents can use their crypto holdings to pay what they owe the government.

Although it is optimistic about cryptocurrencies, the city is also cautious about how it shares these currencies, so the coins in its wallet are converted directly into dollars.

But city officials haven't spent the money yet, according to a report Washington Post They are six months late before spending any of those coins obtained through Miami Coin.

This is with the aim of making sure that it is safe to spend the money, before you start doing so.

Recently, Miami began attracting crypto miners to the city.

The mayor of Miami asked miners to set up mining farms near a South Florida nuclear power plant, after miners were forced out of China, amid the crackdown.