Miami, Florida, has reported that in August, it would launch its cryptocurrency. The money will help to raise income and strengthen the local economy, according to municipal officials. Miami has launched a new service named ‘CityCoin’ for MiamiCoin. The concept aims to allow cities to create digital currencies to raise money for local activities.
Multiple Fund Raising Options
According to the Miami Herald, up to 30% of revenues from the new digital asset would fund new local projects. Last week Mayor Suárez submitted a resolution authorizing the city to explore the possibilities for collecting donations through a new “CityCoin” cryptographic project. This proposal allows local governments to earn money. Especially by manufacturing tokens specific to their communities. The aim is to fund city projects using money collected by enthusiasts from MiamiCoin and individuals who want to join and support the project.
Since federal and state rules ban cities from accepting or keeping any foreign exchange other than the US dollar, money will change before it is shipped to Miami.
Chief Information Office of Miami Michael Sarasti said that “roads, parks and regional resilience may be employed,” adding that “the goal is for [MiamiCoin users] to invest in city quality.” Moreover, Sarasti continues to argue that the money has to be spent since the CityCoin Protocol stipulates that for other reasons. Thus the specified 30 percent cannot be used.
While the mayor’s decision was accepted unanimously, signs indicate that several commissioners are sceptical about CityCoin’s retention. The CityCoin founder, Patrick Stanley, is bringing to a standstill such concerns. Furthermore, recalling that the programme is in use to transmit digital money automatically in USD.
On August 3, the first CityCoin project, $MIA, will be launched. Until yet, the only other city that has acknowledged its involvement has been San Francisco. Although there are no announcements of the issuance of SF$.
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