The mayor of Miami, Francis Suarez, and its residents recently celebrated a significant accomplishment with Miamicoin.
This is the ability of the city to use returns gained from a city-specific Cryptocurrency housed on the Bitcoin (BTC) blockchain network to fund municipal-based projects.
Just recently, the city’s commissioners cast a ballot to allow the use of proceeds generated by $MIA. The voting took place on September 13.
Sources say that this past week, each transfer of around 2500USD worth of MiamiCoin ($MIA), costing 1.5 USD each, took less than ten minutes.
According to Francis Suarez, $MIA Coin’s success would mean that Miami residents might not be required to pay a dime in taxation fees in the future. This is mainly because the city plans on generating more than enough tax money through $MIA.
Additionally, Suarez believes that this milestone could revolutionize future government fundings. He thinks so because, according to the mayor, this tax is not a philanthropic or involuntary one. On the contrary, it is very different.
What is MiamiCoin ($MIA)?
City Coins are cryptocurrencies that allow users to show support to their cities while earning in Bitcoin. So CityCoins built MiamiCoin ($MIA) using a programmable blockchain called Stacks (STX).
In simple terms, with $MIA, people support the magic city (Miami) by enabling its Cryptocurrency treasury growth. Additionally, the users earn STX and BTC.
MiamiCoin’s Protocol states 30 percent of funds from mining the Coin using STX should be transferred into a virtual wallet. It is important to note that the wallet is designated for the city.
The commissioners voted towards acceptance of these funds but are yet to allow spending. The equivalent amount of the currency in USD, however, remains reserved for expenditures in the future.
For each MiamiCoin holder’s mine using Stacks, the Miami government gets funding. Stacks hold their tokens and then bring Apps and Smart Contracts to BTC.
MiamiCoin($MIA) City Projects Target
The funds are set to cover several projects, some of which include;
- Curbing the risks associated with Climate change
- Paying for initiatives for deprived societies
- Investing in cryptocurrency education
- Incentivize enthusiastic tech Businessmen and women
The Vp of ITP Miami Dade College, Antonio Delgado, recently shared a tweet concerning this milestone. He started by congratulating Florida state on topping with the most significant increase in technology jobs.
Other than that, Delgado applauded the state for coming seventh in AI job postings from August last year to July this year.
In addition, he specified Miami’s recent milestones on his applaud-worthy list. According to Delgado, the city appeared in the Top 10 list for tech jobs postings change in metro areas.
In conclusion, the expert said, “MiamiTech is going for more, and Miami Dade College is ready!”.
MiamiCoin ($MIA) is a stack-built open-source network of DApps and smart contracts with Bitcoin blockchain as a foundation layer.
Miami aims to use this Crypto to change the funding within the government. Experts believe this is a bullish step for the city’s economy.
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