Explore City Coins: Miami residents receive a distribution of Bitcoin money even though the city does not hold cryptocurrency.

Miami is fast becoming the cryptocurrency capital of the United States. In August of this year, City Magic became the first city in the United States to create CityCoin. MiamiCoin is Miami's own cryptocurrency, which is used to help citizens engage with local governments. A few months later, Mayor Francis Suarez announced that everyone in Miami with a digital wallet deserved more Bitcoin money.

While the deal would make Miami the first city in the United States to offer Bitcoin (BTC) income to its residents, member Suarez told Cointelegraph that the city does not own or hold Miami Coins or crypto digital currency. .

According to Suarez, CityCoins is an independent community. Suarez said, “CityCoins launched Miami Coins as a way for citizens to be closer to their city and their government. Part of CityCoins responsibility is providing 30% of the total mining rewards to the city of its name. . They said they would give it to them. The city they are supporting.

Since the gifts are placed in cryptocurrency, CityCoins acts as a gatekeeper before the cryptocurrency gifts are exchanged for US dollars and sent to the city. Suarez explains:

“The reason Miami residents can receive a Bitcoin cash distribution is because CityCoins can reinvest in Miami Gift Coins to earn Bitcoin cash before the city government receives the cash benefits of CityCoins. A community that invests in its city must reinvest that money in the community. "

CityCoins community leader Patrick Stanley told the Cointelegraph that more than $ 22 million has been generated since Miami began mining on August 4. More importantly, Stanley pointed out that this amount is presented in STX Stacks tokens. Indeed, CityCoins is a project based on Stacks, an open source network of decentralized applications and smart contracts around the Bitcoin blockchain.

Given the potential of Miami Coins, Suarez said his goal is to give everyone in Miami the opportunity to participate in the cryptocurrency and blockchain movement. Stanley added that the artwork minted in Miami Coins is worth over $ 150,000 and the contract can also be made using smart contracts.

Timeline for CityCoins adoption remains uncertain

Although the Miami Coin appears to be on the rise, Suarez said he is aware of the legal issues and issues communities would face when using it. “You can't predict how quickly you'll be able to do this fact,” he said.

However, it was already clear that another new American city was planning to follow Miami's lead by launching the City of Coins. New York City recently announced “NewYorkCityCoin” (NYCCoin), and New York elected member Eric Adams announced his goal of becoming the best cryptocurrency city in New York City. Stanley noted that after Adams unveiled the idea, NYCCoin would be selected by the community. "New York is doing better than San Francisco because mayor-elect Eric Adams has been honest about this initiative," said Stanley.

However, the implementation may be more favorable than the words of CityCoins performance. For example, a recent Cointelegraph article indicated that New Yorkers could not legally mine NYCCoin because they did not follow the rules that allowed residents to buy STX tokens. The reason is that the exchanges holding BitLicense cannot use these currencies, and BitLicense is a prerequisite for residents to be able to purchase cryptocurrencies in New York.

Interestingly, since mining began on November 11, at the time of this writing, NYCCoin has generated over $ 7 million in revenue. However, Stanley pointed out that people don't need to be undermined by townspeople represented by CityCoin.

“MiamiCoin is an open source membership contract. All you need is a wallet on the site, choose the currency city you like and send the payment.”

Stanley added that Austin could be the next city to offer coins, giving Austin member Steve Adler an interest in cryptocurrencies.

Learning crypto is the driving force behind coin making in the city

Competition aside, it's worth pointing out that cryptocurrency education could be a driving force for cities to adopt local funds. For example, Adams recently said he wanted to teach cryptocurrency in schools in New York City.

According to Adams, Suarez explains that Miami decided it needed more educational materials to prepare students for the next generation of technology and finance.

“We have explored ways to expand our network of charter schools in Miami to provide better education for such programs. The city of Miami now has $ 20 million and $ 400 in funding this week. We expect to receive. 10,000 to $ 5 million. We have a lot of ideas on how this money will be spent, and we are eager to hear from the community on how the money will be spent. spent.

New York and Miami both have ideas for learning cryptocurrency, but Suarez added that all Miami coin spending has been frozen for six months to assess community needs. “We have already talked about wallet options and technologies like Lightning Network with some of the leaders in the Bitcoin community,” he said.