MiamiCoin will be able to bring the city about $ 60 million per year, says Miami Mayor Francis Suarez.
The release of its own cryptocurrency MiamiCoin in less than two months brought the city more than $ 7 million, according to The Washington Post .
Miami Mayor Francis Suarez estimates that MiamiCoin could bring the city about $ 60 million in a year. The City uses these funds to finance infrastructure projects and city activities.
MiamiCoin was launched on August 4th on the CityCoins platform, which allows municipalities to issue their own digital coins.
Holders of MiamiCoin use staking to create new tokens, which are divided between them and the city in a ratio of 70 to 30. Most of the cryptocurrency holders receive as a reward, and 30% goes to the city authorities.
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 make money on staking, you do not need additional equipment and large computing power, as for mining.
On October 1, the MiamiCoin price is $ 0.02. Over the past month, the cryptocurrency has risen in price by 54%. On September 20, the token updated its all-time high at $ 0.05. According to CoinGecko, MiamiCoin is listed on the Okcoin crypto exchange.
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 this a year earlier.
Read More: