Mayor goes on national TV to defend MiamiCoin benefits even after suspension

City: MiamiCoin nets $5.25M for aid, $10M in digital wallet

MIAMI – MiamiCoin was virtually worthless on Wednesday, but this didn’t stop Miami Mayor Francis X. Suarez from going on national television to defend the venture yet again.

In 2021, Suarez told Fox News that the MiamiCoin — which he described as not an involuntary tax and not philanthropy — was a model with the potential to “revolutionize the way governments are funded.”

In 2022, when MiamiCoin lost value, Suarez stood up for MiamiCoin and told Fox News that it wasa success from the perspective of what it has done for the city.”

“It wasn’t a city-sponsored or city-promoted ... initiative. This was something, the city benefited from,” Suarez told Fox News on Wednesday also adding, “Miami hasn’t suffered, what has suffered are the people who invested in it.”

Earlier this year, the city of Miami was able to cash out $5.25 million, which officials allocated to a much-needed rental assistance program. Officials also reported that the city’s digital wallet had $10 million.

OKCoin, a San Francisco-based cryptocurrency exchange platform, suspended MiamiCoin and NewYorkCoin on March 16. Through the CityCoin initiative, miners who were earning yield in Bitcoin had been automatically backing both cryptocurrencies.

OKCoin reported the suspension was preventive because the cryptocurrencies’ limited liquidity had created the possibility of price manipulation and fraudulent activity.

About the Authors:

Glenna Milberg joined Local 10 News in September 1999 to report on South Florida's top stories and community issues. She also serves as co-host on Local 10's public affairs broadcast, "This Week in South Florida."

The Emmy Award-winning journalist joined the Local 10 News team in 2013. She wrote for the Miami Herald for more than 9 years and won a Green Eyeshade Award.