Miami is one of the most progressive cities in the United States in terms of cryptocurrencies, and the Mayor is looking to take full advantage of the emerging market
Miami Mayor Francis Suarez has revealed that the adoption of cryptocurrencies is already working in favour of the city. Miami intends to become one of the leading cryptocurrency-friendly cities in the world, and the Mayor is working hard to ensure the dream comes true.
Earlier this year, the city launched MiamiCoin, a cryptocurrency dedicated to the city. MiamiCoin is a product of the city’s partnership with CityCoins, a nonprofit and open-source protocol that makes it possible for people to hold and spend coins representing a stake in a city.
The MiamiCoin was launched in August, and the Mayor has now revealed that the city has made $7.1 million from the cryptocurrency. According to the Washington Post, Mayor Suarez is confident that the project could generate as much as $60 million for the city over the coming year. He is also confident that it would revolutionise how Miami funds programmes that tackle poverty and other issues in the city.
Mayor Suarez says he believes cryptocurrencies will bring more positives to the city. Miami has become one of the most active cryptocurrency cities in the United States. Following the ban on cryptocurrency mining activities in China earlier this year, the Mayor invited Chinese mining farms and independent cryptocurrency miners to move their operations to Miami.
Mayor Suarez has a grand plan to turn Miami into a business-friendly environment, accommodating tech companies, especially in the crypto space, that wish to enjoy the warm weather and low state taxes of the city.
The Mayor added that he is currently in talks with mining companies on how to set up operations near a South Florida power plant. He wants to rebrand the city from its current position as a travel destination to a technology hub. Suarez is confident that Miami will generate more revenue if it becomes a leading technology hub in the United States.