City of Miami launches its own cryptocurrency ‘MiamiCoin’

City of Miami Mayor Francis Suarez at the Nasdaq closing bell in May. Photo: Mayor Francis Suarez on Instagram. (Courtesy of City of Miami Mayor Francis Suarez)

MIAMI – The Magic City is looking more like the next Silicon Valley with each passing month, and the City of Miami is embracing this shift in a big way.

The City of Miami will be debuting a cryptocurrency this summer to help raise additional funding for local projects.

According to multiple reports, Miami’s own form of cryptocurrency payment, MiamiCoin, is slated to make its debut this month.

According to CityCoin’s official website for MiamiCoin, “MiamiCoin is the first CityCoin to market, [and is] built to support the Magic City while rewarding its holders through the Stacks Protocol.” CityCoin will be the service that launches MiamiCoin.

For those who don’t know what bitcoin is, it is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments — and City of Miami Mayor Francis Suarez has been a proponent in pushing cryptocurrency and bitcoin in the Magic City.

News of Miami’s first form of cryptocurrency comes in the wake of Suarez’s recent push for the form of electronic payment, as well as the NBA’s approval to name Miami Heat’s home building FTX Arena.

Plus, it comes just months after Miami hosted the largest cryptocurrency conference to date, Bitcoin 2021, where some of the biggest names in tech, such as Twitter and Square co-founder and CEO Jack Dorsey, were headline speakers.

According to a report from Newsweek, Suarez has recently stated that “The City of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin, because obviously, Miami has now become the Bitcoin capital of the world.”

The Miami mayor has been so vocally enthusiastic about the tech hub-push in South Florida, that he even hosted his own cryptocurrency conference this past June, according to his Instagram.

According to MiamiCoin’s website, the cryptocurrency will be powered by “Stacks,” a protocol that enables smart contracts on the Bitcoin network.

The website states anyone can compete to mine MiamiCoin by forwarding their STX tokens through the protocol. 30% of miners’ forwarded STX will be directed towards a wallet reserved for Miami, and the remaining 70% can be stacked to yield STX and BTC.

For more information about MiamiCoin, click here.