With the Miami Coin project, Mayor Francis Suarez is underlining his reputation as a major crypto protégé in the US state of Florida.
The Mayor of Miami, Francis Suarez, has long had a reputation for being a big crypto friend. He recently lured mining companies to Florida. Now he spoke at an appearance in the Fox show “Varney & Co.” via MiamiCoin, the city’s newest cryptocurrency initiative. Suarez announced that this initiative will “differentiate the city’s economy by creating a new wave of technological products”.
MiamiCoin is based on the principle of City Coins, which in turn is based on stacks. The Stacks ecosystem consists of independent companies, developers, and community members who are working to build a user-controlled internet on Bitcoin, as well as enabling Bitcoin staking. So with this project there is a new way for the city to potentially raise funds. And Mayor Suarez is wholeheartedly behind the project:
The city of Miami could make millions of dollars from the popularity of MiamiCoin […]. We are focused on differentiating our economy by designing a new wave of technological products that will incentivize people to move to Miami and become part of our tech ecosystem.
30 percent of the MiamiCoin goes to infrastructure
Every time a MiamiCoin is mined, 30 percent of it goes to the city of Miami, according to Suarez. The miners keep 70 percent. The mayor hopes the city will benefit from the use of the MiamiCoin and associated branding. The income should flow into general funds for the benefit of further crypto projects and thus create a win-win situation.