to bitcoin Miami Mayor Francis Suarez, known for his support of CityCoins announced that it received the first payment from the protocol.
Miami City residents have received a $5.25 million payment from the CityCoins project, a crypto protocol that allows them to generate revenue for their city by issuing their city’s tokens.
Stating that he is very excited to announce that Miami has received the first payment, Suarez said that this is an alternative income source to taxation for the city of Miami.
“This is a historic moment for our city to collaborate with an innovative project that raises funds through innovation, not taxation.”
What are CityCoins?
CityCoins is a smart contract available on the Stacks network that allows users to mine their city’s coin by sending STX to the private contract.
CityCoinsannounced that mining for MiamiCoin will begin in August 2021. Funds from mining are sent to a wallet the city deems appropriate.
With the $5.25 million payment coming to the wallet of the city of Miami, there is a total of $15,732,488.75.
There is no official partnership between the CityCoins protocol and the city of Miami. In addition, the city of Miami received the payment in USD from CityCoins due to Florida laws that prevent cities from holding cryptocurrencies on their balance sheets.
It has not yet been determined what the mining funds coming to the city of Miami will be used for.
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
*Not investment advice.