Miami and New York introduce CityCoins to eliminate municipal taxes.

Photo: June 4, Miami Member Francis Suarez speaks at Bitcoin 2021, a cryptocurrency conference held at the Mana Wynwood Convention Center in Miami. Suarez has often made Miami the number one destination for cryptocurrency companies.

As Blockchain.com searched for a new home for its US headquarters, they decided to leave New York City and move to downtown Miami.

“New York is a big city,” said Peter Smith, founder and CEO of the cryptocurrency firm. "But Miami is a better option for us."

Miami's nightlife and hot weather certainly have their charms, but the decision was made because the city is adhering to the company's goals, according to Smith.

“The East Coast period is a gateway to Latin America. More importantly, it's probably the most popular cryptocurrency city in the world,” he said.

Cryptocurrency is viewed by many as the future of finance, and Miami is striving to become the capital of the world.

Smith believes Mayor Francis Suarez has gained a better view of the city. During his first tenure, Suarez devoted himself to the Bitcoin and blockchain industry, and also gained an in-depth understanding of blockchain technology.

Miami now has its own cryptocurrency called MiamiCoin, and last year hosted one of the world's largest digital currency conferences.

“Cryptocurrency is crucial for the future of the city and for where we live today,” Suarez said in a recent interview. "We have truly built a city of cryptocurrency."

Miami took the lead in winning the title of “Capital of Cryptocurrency” and creating the city's first currency.

Suarez made the perfect presentation for entrepreneurs and executives like Smith. First of all, it's about Miami's beaches, cultural products, and professional sports teams. Then he started to sell.

“There is a difference in the cost of living, it's 2: 1 now. In New York, it's twice as expensive as in Miami,” Suarez said.

The city's property taxes have fallen to "the second lowest level since 1960," according to the mayor, and there is more room for improvement than in New York City. Suarez is also pleased that the Standard & Poor's Global Ratings rating agency recently revised its stance on some Miami funds.

His idea seems to work. Cryptocurrency firms FTX US, eToro and Bit Digital have announced expansion plans in Miami, where MoonPay and Orca Capital have opened stores.

Miami has attracted many traditional financial firms. As COVID-19 spread, Citadel Securities moved its employees to South Florida, and private equity firm Apollo Global Management also opened a new office here.

“In the past 16 months, we've moved $ 1.2 trillion in assets to Miami,” Suarez said.

New York, so slow, is no longer a "sleepless city"!

Miami's success has New York City Mayor-elect Eric Adams worried that the rise of the cryptocurrency market could cause the sleepy city to lose its former glory.

Eric Adams tweeted on Election Day: "New York City could be the center of the cryptocurrency industry and other fast growing industries!" "Wait!"

When the Miami member promised to use Bitcoin as his next paycheck, the New York member Adams was expected to work three times as promised by the mayor of Miami.

"In New York, we do everything all the time, so when I'm mayor, I'll pay my first salary in bitcoins," he announced.

It caused great controversy and shocking news, but hours later a New York official responded: (Adams hopes to change the city's compensation policy, but over time the vice president-elect said that 'Adams would change his currency to bitcoin).

Tiffany Smith, New York partner of cryptocurrency firm WilmerHale, said the city needs to comply with state 'abuse in certain industries' regulations, but has already done enough fear work in advance. . .

“New York has bad policies for the crypto industry, which has led a lot of companies to leave New York,” Smith said.

Smith said New York would be the first state to introduce the permit.

State taxes are another problem, something Adam couldn't do. Unlike Florida, New York has state income taxes.

But New York also has many advantages, Smith said. It is a cutting edge technological institution that is home to many colleges around the world including New York University, Columbia University, and the Cornell Institute of Technology. He said cryptocurrency companies are aware of the possibility of hiring the most advanced technology from banks and other financial institutions.

Adam tells everyone, “New York is New York!

Crypto entrepreneur Patrick Stanley (Patrick Stanley) is excited about the competition between the two cities for "crypto capitals." It was a member of the "loose group" called CityCoins that created MiamiCoin.

Stanley believes that such a challenge is a strong response to “people's bad attitudes towards work and life” during a recession during a new epidemic.

“Employees in the information technology industry have chosen the city when selecting products, and they are looking for a creator of these 'technologically advanced' people,” he said.

Adams, who until now refused to request a media interview, made no specific statement. However, he called for an increase in cryptocurrency education in New York City public schools, saying if New York City adopted cryptocurrency it would make jobs more lucrative for its people. citizens. .

Adams will become New York's 110th member on January 1. Meanwhile, Miami midfielder Suarez has made several requests for him. "Hurry, there's a lot going to happen in the future. I'm not ashamed of second place."

What are CityCoins, how do they work and how can they be mined?

Cryptocurrency has now become a topic of discussion in the daily life of many city dwellers. Judgment by legal documents: CityCoins is an open source non-profit agreement that generates traffic for users of the platform, these tokens will allow the public to use their cryptocurrency funds to improve the lives of residents of their city or another city. Receive rewards with Bitcoin.

As mentioned above, Miami MP Francis Suarez has been pushing to eliminate "tourist taxes" and make it a new cryptocurrency destination. City Council is now partnering with CityCoins to create MiamiCoins. This cryptocurrency represents the stake of the inhabitants of the Miami Municipal Corporation.

New York City Mayor Eric Adams called the CityCoins plan NYCCoins.

How does the Cité de la Monnaie work?

CityCoins relies on the Stacks protocol to implement smart contracts on the Bitcoin blockchain. When users run special computer software, they mine Stacks tokens (a cryptocurrency that counts with the Blockstack platform) and then send them to the CityCoins system. For example, the system creates MiamiCoins or NYCCoins every time it receives Stacks Tokens (STX) and distributes them as a gift.

The more people use my group tokens and send them to the CityCoins system, the more CityCoins they will get.Users can own 70% of the mined cryptocurrency.The CityCoins system distributes the remaining 30% of the mined group to the digital wallets of the businesses based in the city in which the symbols were created.

Users of my Stacks tokens can also be sued, and to resolve this issue Miami City Council will not use $ 1 of donations received in 6 months. This will give the police a chance to react to such incidents.

Miami City Council will begin accepting donations (30%) in digital wallets in September 2021. Miami wallets automatically exchange tokens for US dollars upon receipt. The market told CoinDesk TV that $ 21 million worth of cryptocurrency has been generated in Miami since then. He added that once a year, that equates to $ 80 million in revenue, or 20% of the city's $ 400 million in annual taxes.

Suarez told the Washington Post in September:Given the possibility of citizens running the government without paying taxes. It's hard to believe. It will be the first city in the United States to distribute Bitcoin revenue directly to its subscribers. "

How to fill CityCoin?

As with other cryptocurrencies, who can compete for my CityCoin as long as the new coins are released?According to the CityCoins portal, minors can compete by passing STX-based group procedures. Miners who won one session at a time were selected by the Verifiable Random Function (VRF) and weighed based on their total STX intake.

Because CityCoins are open source, they can span a wide range of media and distributions.

Cryptocurrency enthusiasts who own or wish to trade Miami Coins can do so through the Okcoin cryptocurrency exchange. According to data from CoinMarketCap, the current market value is 0.07059 yen and its market value is 207,905,242 yen. (Price: 8:42 p.m. Beijing time on December 26, 2021)

Has the idea of ​​using digital money to get people around the world to invest in removing “city taxes” become a priority for the future?