In recent news, a vote to withdraw MiamiCoin contributions worth $4.5 million has been voted on by the City of Miami Commission. This money shall reportedly be utilized for various local projects throughout the city.
Florida’s MiamiCoin project had already witnessed several contributions which were made to the protocol increase to approximately $4.5 million, with this amount being reached in just over a month’s time. For those who may not know, MiamiCoin is essentially a cryptocurrency that operates upon the ‘Stacks Protocol’. It provides the city of Miami with a new and innovative method of generating funds to be used for the aforementioned local projects.
To that end, MiamiCoin’s mining process involves sending a portion of the crypto that is earned to a wallet, which would then be used by the city’s administration to assist in the numerous financial and economic requirements of Miami. To put it another way, anyone investing in MiamiCoin can be considered to be investing in Miami itself.
The miners who all work on MiamiCoin shall be eligible to earn crypto while simultaneously helping out to support the city of Miami. After the early mining phase finishes, MiamiCoin shall be available exclusively on OkCoin. Jason Lau, OkCoin COO, stated that the decision was taken by Miami to have its treasury hold a crypto wallet has managed to set a precedent that could be followed by other progressive-minded cities throughout the entire country and then the whole world.
Miami’s mayor, Francis Suarez, has not been shy about wanting Miami to become the central technology hub not just for the U.S but the entire world. A sound argument could be made that mayor Suarez is therefore helping usher in a new age of technological advancements and civic engagement, as well as showing how various municipal governments could benefit their respective constituents via the embracing of such innovation. He added that the money which has been generated thanks to MiamiCoin is just the first step and that there is plenty of more work to be done.
History has been made in Miami
With the abovementioned development, history has been made by Miami as this is the first time that the city had a vote regarding the claim of crypto, which was earned via MiamiCoin ever since the launch that had taken place last month.
MiamiCoin’s creator, CityCoins, stated that the funds should thus be utilized in several key areas that were proposed by the mayor himself, who has since said that his overall objective is to help transform Miami into a worldwide crypto hub and to do his part in mitigating the risks associated with climate change.