The city of Miami (United States) received the first disbursement of money from the Miami Coin (MIA) project, the first city coin launched in the world.
Miami Mayor Francis Suarez announced that the US city has received a first instalment of money from the Miami Coin (MIA) digital currency project, the first city coin created in the world.
On his Twitter account, Suarez said that this was a historic moment for the city to begin collaborating with an innovative project like MIA, which will allow Miami to raise funds through innovation and the collaboration of its citizens and not of taxes. In total, The project delivered 5,25 million dollars to the Treasury de la ciudad.
Francis Suarez has not yet explained how the city will invest the funds provided by Miami Coin, although in September of last year, city commissioners voted in favor of receiving funds from this project. At that time, they pointed to funding from programs that help mitigate climate change, the financing of protection programs for disadvantaged communities or that promote the education on the cryptocurrencies, y Blockchain. The Financing for technological entrepreneurs, the Delivery of dividends to the citizens of Miami y scholarships for high-achieving students They are also part of the proposals made for the investment of the funds generated by Miami Coin.
Miami's chief innovation officer, Michael Sarasti, said during a interview on The Block in mid-January that the city will receive two to four cash disbursements per year from City Coins.
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What is Miami Coin (MIA)?
Miami Coin (MIA) is a digital currency created by the project City Coins, build in Stacks, the protocol of smart contracts of the network BitcoinThrough this digital currency, its creators want to give Miami citizens the opportunity to support and be part of the city's improvement and development process.
MIA is a coin that can be mined by sending STX, the cryptocurrency of the Stacks protocol, to the smart contract designated for this purpose. In this way, users, called miners by City Coins, can mine MIA as rewards on the network. 30% of the rewards generated are sent to an address set aside for the Miami Treasury, while the remaining 70% is distributed among all City Coin miners.
Miami laws prevent the city from holding cryptocurrencies, so the funds generated by MIA are delivered to the Municipal Treasury in US dollars. However, it is worth remembering that Suarez, in addition to wanting to turn Miami into a Bitcoin mining center Powered by nuclear energy, it also seeks to have the city safeguard cryptocurrencies and invest part of its capital in Bitcoin, as well as allow its employees to receive salaries in BTC if they so choose.
A game changer for municipal financing
Although MIA is not a digital currency created directly by the City of Miami, Mayor Francis Suarez supports the initiative as a crucial element in transforming the way municipal revenue is collected. Suarez has said that through MIA, Miami can provide municipal services to its citizens without needing to tax them.
The technology and innovation that this initiative encompasses will empower citizens, connect them even more with the potential of cryptocurrencies and boost the development of Web3. Suarez is determined to make Miami the center of technological innovation in Blockchain and cryptocurrencies.
More than $23 million in the Bitcoin network
Miami Coin (MIA), which began mining last August, has already generated some $23,1 million for the city of Miami, all based on a protocol built on Bitcoin, as noted by Morgan Creek co-founder and crypto investor Anthony Pompliano.
According to the website of the purse MIA currently has $17,89 million in its purse, not counting the $5,25 million recently given to the city.
New York and Rio de Janeiro join City Coins
The second city to announce its own city coin was New York, the Big Apple governed by pro-bitcoin mayor Eric Adams. Like Miami, NYCCoin (NYC) NYCCoin is not created or supported directly by the city, but by the City Coins project. NYCCoin will also put the power to support and improve the city into the hands of citizens while generating rewards in STX.
Rio de Janeiro, the second most populous city in Brazil, will also have its own city coin, called Rio Coin (RIO).
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