MiamiCoin has made the city of Miami $7.1 million since it was introduced in August of this year. The coin is the byproduct of the city’s cooperation with CityCoins, a non-profit and open-source protocol that allows people to mine, hold, and trade cryptocurrencies tied to a municipality. Powered by the Stacks cryptocurrency, CityCoins’ users mint new tokens and earn a percentage of the cryptocurrency they create. The underlying computer program automatically allocates 30% of the currency to a select city, e.g., Miami, while users get the other 70%. Earlier in September, the city agreed to accept donations via MiamiCoin to fund new government programs implemented by the city, and so far, it has been a success. MiamiCoin is currently trading for about $0.02.
Zoom In: The mayor of Miami, Francis Suarez, is known as one of the most pro-blockchain and crypto politicians in the United States. He plans to transform the city into the world’s “cryptocurrency innovation hub” and ultimately hopes to free the city from taxes through initiatives like MiamiCoin. Currently, the city is exploring how to allow city employees to get paid in bitcoin and for residents to pay some fees and taxes in bitcoin.
