It was not in vain for Miami to introduce CityCoins into the economy as an alternative to boost the nation’s growth.
In the latest report, Miami mayor Francis Suarez has announced the first payment in cryptocurrency worth $ 5.25 million (RM21.94 million) through the CityCoins project.
He explained via Twitter: "A historic moment where the city sourced $ 5.25 million from crypto mining, not through taxation."
I’m so excited to announce that the @CityofMiami has received its first-ever disbursement from @mineCityCoins totaling $ 5.25M.
This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation not taxation.
- Mayor Francis Suarez (@FrancisSuarez) February 2, 2022
Meanwhile, the crypto wallet for the city still owns $ 15.9 million. Not sure if the asset will be used for the benefit of the city or handed over to its residents.
It is understood there is a possibility that the assets will be divided at a rate of 30% -70% for Miami and its residents.
For those who do not follow the development of the CityCoins project, in fact it was launched in early August 2021.
It uses a Proof-of-Work (PoW) mechanism that is “recycled” from the Bitcoin network, in line with its placement on the Stacks (STX) network which is the development layer for Bitcoin.
While CityCoins is a smart contract that allows its users to mine city coins, MiamiCoin by sending STX coins to a designated contract.
