The city of Miami has so far earned US$ 7.1 million since August out of an initiative that gets its residents to use the CityCoins protocol. Under the scheme, residents hold and trade ‘MiamiCoin’ on the protocol and those running the software earn a share of the coins minted, with users getting 70% and the rest going to the city’s coffers.
In a Washington Post report about the scheme, the city’s mayor, Francis Suarez, said that the MiamiCoin could make some US$ 60 million for the city over the year. Suarez, known for his support for Blockchain technology, envisages a time when the city’s inhabitants will be able to make payments in crypto, including their city taxes and fees.
"“Those who are spotting early the transformational nature of blockchain technology will no doubt gain a lot – it has the capacity to completely change how we interact with money and go about our business, as Miami’s mayor is demonstrating”, commented Dynasty Global Investments AG’s founder and CEO, Eduardo Carvalho."
In another step to support the mayor’s pro-crypto stance, the city has been trying to attract Bitcoin miners to operate from the Turkey Point nuclear plant in South Florida in the wake of China’s crackdown.