A City of Miami commission has received a considerable contribution of about $ 4 million. This contribution came to effect to build the MiamiCoin treasury in the city of Miami.
Miami Mayor Francis Suárez, together with a team from Miami, voted in favor of receiving a considerable contribution of about $ 4.3 million from the CityCoins project. The amount got collected because of the creation of MiamiCoin (MIA).
MiamiCoin is a token that works inside Stacks, a Bitcoin side chain. This project got released independently of the Miami city government.
The agreement got revealed on the CityCoins portal on September 13. It becomes official that the Miami city commission has voted to claim their collaborations from the MiamiCoin protocol.
The resources will help in different projects to bring more benefits to the city, including the program to reduce the effects of climate change and the cryptographic education and incentives for technology entrepreneurs’ plans.
From now on, the city of Miami will have the opportunity to manage the MIA treasury, offering incentives to its citizens who own or mine MIA.
According to the MiamiCoin document released on the CityCoins website, MIA mining will bring t least 30% of the total mined to MIA’s treasury and the remaining (70%) in additional benefits to miners.
MIA is a token launched last August and created within the Stacks network, a Bitcoin side chain in which it is possible to execute smart contracts and create decentralized platforms. Mining in Stacks, and mining in MIA, will grant benefits in STX, the network’s cryptocurrency, and BTC.
According to the announcement, MiamiCoin will become an expansionary tool. It does not only offer adoption benefits; it will also allow the city to build new decentralized platforms that run directly on top of Stacks.
A Cryptocurrency for Miami not Created by Miami
CityCoins is a project that plans to bring cryptocurrencies to various cities in the United States of America, with Miami as a starting point. The process begins with a demand by citizens to beg for a cryptocurrency for their city through an open choice.
Once the currency meets its release, a vote gets opened in which citizens and government authorities can opt to adopt and claim the contributions and administration of the created currency.
Regarding Miami, the commission in charge came to sign the agreement with CityCoins to achieve the adoption of MIA. Mayor Francis Suárez gave the needed approval to the proposal.
This approval took effect considering that previously, the representative has established a position in favor of Bitcoin.
President Joe Biden’s US $ 1.9 billion bailout plan turned into an active law on March 12, meaning Mayor Suarez bought bitcoin at a price of around $ 57,000.
In the case of ether, the currency seems to be coping with the situation much better. On March 12, ether was circling 1,800 USD. Ether Reached a sum of USD 3,800, which would have generated more than 100% growth.
Mayor Suárez has recognized the scope of cryptocurrencies and has been a faithful enthusiast and promoter of bitcoin for several months.
As he established in the interview, the governments worldwide will face the same difficulties to regulate Bitcoin that they have had to regulate Uber, because they are too big.
By: Jenson Nuñez