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The US city of Miami has become the first city to approve a native cryptocurrency. The crypto token will be based on Bitcoin’s smallest unit “SAT” and would be called the Miami coin. Miami City Commission approved access to $4.3 million in Miami Coin. The token can be mined using Bitcoin mining apparatus and for every coin mined, the city mayor gets access to funds that can be utilized for improving the city.
Miami Mayor Francis Suarez who is a known Bitcoin advocate and has talked about making Miami the crypto hub of the US took to Twitter to announce the news.
The @CityofMiami decision to accept the gift contributions generated by the @mineCityCoins Protocol-currently valued at $4.3M-represents a major milestone in Miami’s quest to become a crypto innovation hub
Funds that will directly impact the lives of all our residents! https://t.co/pcrY4PwD06
— Mayor Francis Suarez (@FrancisSuarez) September 14, 2021
The Miami Coin is a first-of-its-kind and purely community-driven. The coin plans to expand its use cases beyond Miami shortly.
At present, a total of 35 miners are actively mining the Miami Coin that leads to the generation of nearly $2,500 worth of the city token every 10 minutes. The value generated is directly put into a city-owned digital wallet and up until now $4.3 million worth of the native city token.
Will MiamiCoin Lead a New Trend of City Coins?
Miami Mayor has been advocating for crypto-centric regulations for a long time and even lobbied for allowing Miami citizens to pay their taxes and receive salaries in the top cryptocurrency. El Salvador has already taken a lead by becoming the first county to approve Bitcoin as a legal tender, but Miami could start a new trend of cities launching their native tokens to utilize it for improving the quality of life of the people living in it.
While the Biden-led US administration looks adamant about bringing the crypto ecosystem under tight regulations that even threaten migration of established crypto firms, but many politicians in the opposition don’t want to miss on the crypto opportunity owing to strict government policies.
Miami has launched the native token project back in August, but it is also important to note that the token has no official partnership with the token.
The post Miami Becomes First City to Approve a Native Crypto, Here’s How It Would Be Used appeared first on Coingape.
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