MiamiCoin holders will be able to receive Bitcoin rewards by staking city tokens
On August 4, the American city of Miami will release its own cryptocurrency MiamiCoin, which will be used to fund infrastructure projects and city events.
The release of MiamiCoin was confirmed by the founder of Stacks, the technical partner of the Miami government for the issue of the city token.
5/ These city futures or governance tokens might start off looking like toys.
They don't have meaning if the local government doesn't recognize them.
But what if they do? That’s happening in Miami with MiamiCoin!
— muneeb.btc (@muneeb) August 2, 2021
MiamiCoin will be the first digital coin to be issued in the CityCoin ecosystem.
This project allows cities to create their own tokens to attract investment in the treasury. Investors can receive bitcoin rewards by staking city tokens.
Staking is a passive way of earning money, in which users store coins and keep the blockchain up and running. This gives them the right to receive remuneration.
To earn money on staking, additional equipment and large computing power are not required, as for mining.
Miami Mayor Francis Suarez told Fox News last week that MiamiCoin could help the city earn “millions of dollars.” According to CityCoin’s announcement, MiamiCoin will begin trading on August 4 on “designated trusted exchanges.”
At the beginning of this year, Suarez announced that he was considering investing the city’s reserves in bitcoin. He clarified that he regrets that he did not do it a year earlier.