Miami city commissioners vote to accept $4.5M in MiamiCoin

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    TL;DR Breakdown

    • The MiamiCoin will serve for mining clean BTC.
    • The funds approved in the token will be used for green crypto mining and cryptocurrency education.

    Cryptocurrencies arrive in Miami with their MiamiCoin that has gained a lot of popularity throughout the year. In less than a month, the crypto accumulated over $4.3 million in contributions by the crypto enthusiasts of the big city.

    On Monday afternoon, the delegates in the city reached a consensus in which it was possible to approve funds linked to the token. In this way, the Miami cryptocurrency enters virtual commerce promising several novelties.

    MiamiCoin: The cryptocurrency that dominates in the magic city

    MiamiCoin

    Since the beginning of the year, the city of Miami has given priority to cryptocurrencies. The coin was created by CityCoins Inc who has given a large part of its capital to the crypto plan.

    However, the token will not belong to the company but will work with a decentralized network. This will make the token listed with other cryptocurrencies.

    MiamiCoin can be obtained in mining farms, like Bitcoin, with 30 percent of its profits going to the city. The only thing missing was for the delegates in Miami to approve the wallet where the tokens would be stored. After the announcements, everything indicates this objective was fulfilled.

    The token’s price is linked to the value of another crypto, Stacks, whose currency maintains a price of $1.50. The circulating supply that Stacks has is 3,000 million tokens making it an excellent cryptocurrency for trading.

    The city can use more than $4.5 million in deposits with approving funds as the number increases. The token managers only plan to accept dollars in the funds to avoid being tied directly to the cryptocurrency.

    Funds from Miami Coin will be used for various purposes

    After the investment funds in MiamiCoin were approved, the token managers have clarified this money would be used in a system that reduces the global warming change produced by crypto mining. Similarly, the money will also fund crypto education so people can take advantage of the entire crypto market.

    These approved funds will make MiamiCoin increase its operations and can be officially launched in the city. The cryptocurrency would correspond to the first virtual token approved for trading in an American city. The regulators have not given their opinion about the token.

    The more the crypto protocol grows in the city, the greater the profits. Miami could have funds to remodel its metropolitan area, improve its health system, or other services that could be affected by lack of money. The next actions taken by the token developers will be announced from the official website.