The city of Miami is set to launch its own cryptocurrency, MiamiCoin, tomorrow. The token will allow people to invest in the city to fund infrastructure projects and events, according to a report by Decrypt.
Fast facts
- The token is being released in partnership with CityCoin, a project that facilitates cities releasing their own tokens for investment, and offering rewards in Bitcoin or Stacks, the cryptocurrency of the eponymous protocol on the Bitcoin blockchain.
- According to CityCoin’s website, Miami will be the first city to release a token under the project’s auspices, and San Francisco is due to follow suit soon. “MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders,” the project’s website said, referring to MiamiCoin. “MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn yield through the Stacks protocol.”
- The move is the latest in a string of recent crypto developments in the city, following an announcement at the start of the year by Mayor Francis Suarez that he wanted to make Miami the “most crypto competitive city on the planet.” Developments include the Bitcoin 2021 conference, where El Salvadoran President Nayib Bukele unveiled plans to make Bitcoin legal tender in the country, and a local property selling for the highest price paid in crypto for real estate, at US$22.5 million.
- South Korea’s capital city has been toying with the idea of releasing its own token, the so-called S-Coin, since 2018, with the possibility of using the token for the city’s public services, although the launch has been pushed back to at least 2022. Senegalese rapper Akon plans on building a futuristic solar-powered city in the West African nation. Once built, the central currency of the city would be the rapper’s own cryptocurrency, Akoin.