The City of Miami, Florida, has voted to accept millions of dollars generated by MiamiCoin (MIA), its very own digital asset.
First announced in June, Miami saw the launch of its decentralized altcoin in August by crypto development company CityCoins Inc. It took just 40 days for MIA, the project’s first-ever “City Coin,” to generate $4.3 million.
Mayor Francis Suarez says the funds will go toward combating climate change, helping underprivileged communities, and turning Miami into a crypto-savvy area via education and incentives for tech entrepreneurs.
Suarez tweets,
“[The] decision to accept the gift contributions generated by [CityCoins Inc’s] protocol… represents a major milestone in Miami’s quest to become a crypto innovation hub. [The] funds will directly impact the lives of all our residents!”
Much like Bitcoin (BTC), MiamiCoin can only be curated by being “mined,” a process that involves computers solving complex equations for accounting purposes and sees users earn fractions of tokens as rewards for their work.
The Miami Herald reports that 30% of every MiamiCoin mined is deposited into a virtual wallet which the city voted to access.
MiamiCoin is trading at $.033 at time of writing, up 200% from its seven-day low of $0.011, according to CoinGecko.
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