Miami will introduce its own cryptocurrency, which authorities hope will produce huge sums of money in income.
Miami Mayor Francis Suarez claims that the city is now the world’s Bitcoin capital and that they are working with CityCoins to create its own cryptocurrency, which will be called MiamiCoin.
CityCoins is partnering with local governments to create a repository of their very own coin, a modern electronic currency, in towns all across the globe.
In Miami, 30 percent of MiamiCoin income will go to the city’s regular allocations, generating a steady stream of cash that can be used for construction projects, civic activities, and startup company recruitment.
Cities may provide regional companies and people rewards to utilize the currency instead of cash.
Mining for the Miami-specific coin will begin on August 3rd. Suarez urged Bitcoin miners in China to relocate to Miami to evade regulation in June.
He claims that completely embracing this technology may result in the city generating millions of dollars and distinguishing its economy. He said that the funds might also be used to fight poverty and support the police department.
The city of San Francisco has also contemplated producing its own currency.