The City of Miami’s goal of perhaps becoming the next Silicon Valley is looking more like a reality with the announcement that the City is adopting a cryptocurrency this summer to help raise additional funds for local projects.
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According to various reports, Miami’s cryptocurrency payment method, MiamiCoin, is scheduled to make its debut this during the month of August.
“MiamiCoin is the first City Coin on the market, and it is built to support the Magic City while rewarding its holders through the Stacks Protocol,” said Miami Mayor Francis Suarez, who has been an avid cryptocurrency supporter.
Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments.
The news of Miami’s first form of cryptocurrency comes after Suarez’s recent push for this form of electronic payment, as well as the National Basketball Association’s approval to name the Miami Heat building as FTX Arena. It also comes just a few months after Miami hosted the largest cryptocurrency conference to date, Bitcoin 2021, in which some of the biggest names in technology, such as Twitter and Square co-founder and CEO Jack Dorsey, were keynote speakers.
According to a Newsweek report, Suarez recently stated that “the city of Miami could end up making millions of dollars as a result of the popularity of MiamiCoin, because obviously, Miami has now become a Bitcoin capital of the world.”