Forex in this article
?? Miami introduces its own cryptocurrency MiamiCoin
?? Mayor puts hope in MiamiCoin
?? Will Miami be the new crypto Eldorado?
Recently, Miami launched its own cryptocurrency, the MiamiCoin. As with other digital currencies, anyone can download the software and mine coins. Miners received 70 percent of the profit, the rest will be credited to the city’s wallet, reports Invezz. With this, Miami is entering completely new territory. However, the idea seems to be paying off: Since August 10 million US dollars have flowed into the city’s own wallet.
Miami’s Mayor, Francis Suarez, wants to use the income from the coins to improve the city, for example by investing in education and providing affordable housing, and to solve other problems for which the financial means would otherwise be lacking.
Miami’s Mayor puts hope in MiamiCoin
According to Coindesk, Suarez recently announced that the MiamiCoin “mainstreamed significantly faster than Bitcoin”. MiamiCoin trades for a few pennies, which means that people are more likely to be willing to spend it – compared to Bitcoin, which is currently trading at around $ 55,000. “The interesting thing about Bitcoin is that its use case is essentially a Store of value was, and the question is whether MiamiCoin will remain a store of value ?? or does it have some other use case? “, Coindesk quoted Suarez as saying. “We believe that if MiamiCoin turns into currency, there is a chance it will be widely available and applicable,” said Miami’s Mayor.
As Invezz reports, the mayor has said that this is just the beginning, in his opinion Miami could soon earn up to 60 million US dollars at the current pace and that he hopes that this way of making money will also work for the in the future Replacement of taxes could be used.
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Coins not yet in use – exams are still pending
At the moment, however, you cannot buy anything with the MiamiCoin. According to Invezz, the coins are currently still being kept in an escrow account – they should remain there for the next few months – since the development team behind the MiamiCoin carries out additional checks before MIA is put into circulation, according to Suarez. These are simple tests to ensure that the technology is working properly.
According to Coindesk, MIA runs on the Stacks protocol, which in turn runs on the Bitcoin network. The MiamiCoin is minted by sending Stacks’ native token, STX, to a smart contract.
So far, the digital coin has only been listed on one exchange, called Okcoin. They advertise an “estimated” – but not guaranteed – return of 430 percent for customers (paid in STX). Miami’s mayor was surprised at the offer: “I’m not sure how they will get that rate of return,” said Suarez. “Maybe you can try it for a dollar and see if you get that kind of return and it works or not.”
Mayor wants to attract crypto companies to Miami
Miami’s mayor is known as a bitcoin and crypto advocate in general and made his desire to make Miami the US cryptocurrency El Dorado public. As Coindesk reported earlier this year, Miami’s mayor had been courting the crypto industry for months. “We are excited to be a pioneering city at the forefront of crypto and blockchain technology,” Coindesk Suarez quoted as saying in February. “We want to make sure that there is no city or state that has more favorable laws and regulations.”
Are other cities following Miami’s example?
Miami is now the first city in the country to have its own cryptocurrency wallet, but according to Patrick Stanley, the founder of CityCoins, which supports the financing of local governments with cryptocurrency, other cities should soon see the potential of their own coin and Miami will follow suit , reports the portal “StateScoop”. As Stanley explains, CityCoins’ source code is open, so cities can create their own coins without the help of the nonprofit – and that shouldn’t be long in coming, in his opinion: “In the United States, every startup city will have their own CityCoin within two years, “predicts Stanley.
According to Invezz, however, some questions are still open, for example the regulatory status of the MiamiCoins and problems such as money laundering and volatility. Still, CityCoins’ popularity and notoriety could go some part in attracting the fast-growing crypto industry to Miami.
Finanzen.net editorial team
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