Miami Earned $5.2M From Its Crypto Token MiamiCoin

Zinger Key Points
  • Miami Mayor Francis Suarez hopes the city’s native crypto token MiamiCoin will allow the city to operate "without taxes."
  • Miami plans to convert crypto profits into Bitcoin, which would be paid out to citizens as dividends,

Miami Mayor Francis Suarez hopes to “run the city without taxes” through the profit generated from the city’s native crypto token MiamiCoin MIA/USD.

What Happened: In an announcement on February 3, Mayor Suarez said that the city of Miami had received a $5.25 million disbursement from CityCoins.

CityCoins created MiamiCoin – a cryptocurrency token that runs on the Stacks STX/USD blockchain – in August 2021.

Since it has been in operation, MiamiCoin has earned 30% of the revenue derived from mining the token, which amounted to $15 million at the time of writing.

“It's generated about $15 million for the city in about 4-5 months. We just got the first payment of $5 million dollars,” Mayor Suarez told Fox News.

Also Read: This Republican Senator And Former Presidential Candidate Bought The Late January Dip In Bitcoin

Miami plans to deploy some of the cryptocurrency earned in lending protocols as a way to earn more interest on its profits. These profits will then be converted into Bitcoin BTC/USD and paid out to citizens as dividends, explained Suarez.

“If this thing continues to grow, there is a world under which we could actually run the city without taxes,” he said.

Suarez estimates that the profits from MiamiCoin would have to exceed $450 million on an annual basis for the city to be able to operate without the need for taxes.

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