According to the mayor, MiamiCoin generated $2K every ten minutes for the city. Mayor Francis Suarez of Miami has been praising the success of a recent plan to fund municipal projects with the proceeds of a city-specific crypto protocol based on the Bitcoin (BTC) blockchain.
he claims, residents “will not have to pay a nickel in tax” if city-specific cryptos succeed.
Last week, Fox Business calculated that every 10 minutes, about $2,500 worth of Stacks (STX) at its $1.50 value put into the city’s wallet. Mayor Suarez verified the approximate amount in an interview with Fox on Sept. 20, saying that mining earnings generated over $2,000 every 10 minutes. And “around $5 million USD over the last 30 days”.
Miami’s city commissioners approved on Sept. 13 to accept funds produced by MiamiCoin, a new cryptocurrency established by CityCoins in August. The coin is based on Stacks, an open-source network of decentralized apps and smart contracts that uses the Bitcoin blockchain as a programmable foundation.
The requirement that 30% of all coins mined be routed to a digital wallet designated for the city is hard-coded into MiamiCoin’s protocol. The usage of these monies will be for projects including reducing climate change risks. As well as sponsoring efforts for underserved communities, and investing in crypto education for digital entrepreneurs.
Cryptocurrencies are not in direct custody by the city
The Miami City Commission did not vote to use the monies raised since August when they voted to accept them. Instead, it received the revenues in US dollars and set aside the funds for future municipal spending. The city does not have direct custody of cryptocurrencies because of their conversion into fiat currency. Suarez remarked of the initiative in his Fox interview:
“It’s intriguing because it’s not a Mandatory tax, it’s not philanthropy; it’s something entirely different that has the potential to change the way governments supported in the future.”
“It is theoretically possible that the city might earn enough taxes through MiamiCoin. That our people would not have to pay a single cent in taxes,” he continued.
According to statistics given by Antonio Delgado, Vice President of Innovation and Technology Partnerships at Miami Dade College, other measures appear to imply that Miami has been drawing more IT job posts during the summer.
Miami debuts its own digital coin, combining civic participation with cryptocurrency
A Miami-Dade County commissioner sponsored a motion this spring that would allow citizens to pay municipal taxes using cryptocurrencies like Bitcoin. In keeping with Mayor Suarez’s various pro-crypto efforts. In February, the mayor proposed an official resolution
that would allow Bitcoin to be accepted as a payment method in several sectors of the local administration. Rather than taking immediate action to execute the suggestion, the commission agreed to evaluate its feasibility.