What is MiamiCoin? New City entered the Crypto Sphere?

After El Salvador country adopted Bitcoin, the USD city of Miami now has its own cryptocurrency. What is MiamiCoin? Let's find out.

Rudy Fares

Rudy Fares

April 13, 2022 11:29 AM

What is MiamiCoin? New City entered the Crypto Sphere?

Miami – white beaches, nightlife, beach clubs, and skyline. The city in southern Florida is known for series like Miami Vice or films like Scarface. It is a well-known fact that life is good in the sunny south of Florida. Today, Miami wants to attack the financial system in the USA. The target: Wall Street. Miami wants to become the crypto capital of the world and is investing heavily to do so. How does Miami want to become a crypto metropolis? What is MiamiCoin?

Miami Crypto Story

The Crypto Conference is currently taking place in Miami. One of the largest crypto fairs worldwide. In the process, the city revealed a veritable affront to Wall Street. The Miami Bull. This is very similar to the world-famous Charging Bull, which is on Wall Street and is supposed to stand for rising prices on the stock exchanges. The Miami Bull broadcasts a similar message but primarily stands for rising cryptocurrency prices.

However, as Miami Mayor Francis Suarez announced last November, it won’t stop there. The city of Miami got into the crypto business some time ago. Among other things, with its own coin.

What is MiamiCoin Crypto?

The city of Miami, in cooperation with CityCoin, developed a MiamiCoin, which should be intended for its own city. Through staking, the MiamiCoin is said to have already brought profits of 21 million US dollars to the city on the Atlantic. Mayor Suarez has already announced that this profit will be distributed to every citizen with a digital wallet in the form of Bitcoin.

The mayor’s vision for the future, however, is that Miami will no longer have to collect taxes and that public spending can be financed purely through staking.

Why Does Miami Want to Become a Crypto Capital?

KryptoCity Miami- Marketing Strategy or Future Vision? While many aspects of the project may be marketing, the strategy is already paying off for Miami. In addition, Suarez shows that he takes the project seriously.

Cryptocurrencies offer tremendous advantages in Miami. The city earns millions by mining the MiamiCoin. In fact, 30% of the mining proceeds go directly to the City of Miami, with the miner earning 70%. The aim is to use the profits to fight problems such as homelessness.

Where to Buy MiamiCoin crypto?

Currently, OkCoin exchange is listing MIA tokens. Miamicoin current price is around $0.019 and is still on a downtrend. With a daily trading volume of around $30,000, it might be difficult to witness any surge in prices.

Will Miami become a crypto capital?

Miami seems to be doing a lot of things right at the moment. The crypto conference attracts millions of people to the city. The city also has one more attraction thanks to the Miami Bull. The MiamiCoin also seems to be bringing money into the city’s coffers.

However, one must not forget that Miami is only a medium-sized city in the southern United States. With less than half a million residents, neither Miami nor Mayor Suarez has the power to push cryptocurrencies nationwide. Even if the goal is primarily his own city, Suarez must comply with applicable laws and, if in doubt, cannot decide on US or state law in Florida. Larger draft laws would therefore have to apply to the entire state of Florida or even be passed in the US Senate. For example, Suarez has only limited influence on the “most progressive crypto legislation”, as he calls the draft. In addition, Suarez has only limited influence on tax issues and laws.

But still, due to the many successful projects, Miami seems to be on the way to becoming the crypto capital. A showcase project that could influence and change the whole of the USA in the long term.

Rudy Fares
Article By

Rudy Fares

Equity Trader, Financial Consultant, Musician and Blockchain Aficionado. I spend my time doing Technical and Fundamental Analyses for Stocks, Currencies, Commodities and Cryptocurrencies.

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