Coldwell Banker Realty
Arielle Biscayart, Coldwell Banker RealtyPhone: (305) 303-1218
Email: [email protected]

Miami Is The First Municipality To Receive Crypto Contributions

by Arielle Biscayart 10/06/2021

Back in June, when the first in-person Bitcoin conference took place in Miami, the city Mayor; Francis Suarez, announced that he was going to turn Miami into a tech hub and allow in the near future city employees to be paid in cryptocurrency.

Last August, CityCoins, a protocol that provides its users the opportunity to purchase and trade crypto while supporting their municipality and earning a portion of the digital money they create, launched Miamicoins ( or $MIA ), the first cryptocurrency for a municipality.

Miamicoins have since then brought over $7 millions to the city, disrupting the way municipalities can receive funding.

Why Miami ?

As specified on the CityCoins website : "Miami has long been a center of culture and innovation in the States. In the last year, we have witnessed it take center stage as a technical powerhouse among major US cities, particularly in the realm of crypto and blockchain technology. Developers and entrepreneurs have moved to the city en masse under the recognition of strong network effects, a supportive government, and a culture defined by constant evolution and disruption".

CityCoins, a nonprofit, enables people to hold and trade cryptocurrency representing a stake in a municipality. By running the software on their personal computers, CityCoins’ users mint new tokens and earn a percentage of the cryptocurrency they create. 

A computer program automatically allocates 30 percent of the currency to a select city, while users get the other 70 percent.

MiamiCoin ($MIA) is a way for people to support Miami and grow its crypto inventory while earning STX and BTC for themselves.

The city of Miami can choose to use these crypto funds to pay for infrastrucure projects, improvement of public spaces, or host cultural and social events. 

This is clearly disruptive and could progressively replace taxes which have been historically collected to fund public programs.

According to an article published on September 30th, 2021 by The Washington Post : "The mayor says he is having discussions with mining companies about setting up operations near a South Florida power plant and ultimately wants to rebrand the city from a travel destination to a technology hub".

If you have any real estate questions, including getting help in turning your crypto assets into real estate assets, feel free to connect with me:

Arielle Biscayart - Maven Realty

 

Photo by Launchpresso for Unsplash.

About the Author
Author

Arielle Biscayart

Arielle Biscayart was born in Rome, Italy, raised in Paris, France, and moved to the Miami area in 2004.
Since becoming a South East Florida resident, Arielle has been a Florida licensed real estate agent, involved in the growing local arts community. She has been offering her real estate consulting and sales services in the Fort Lauderdale, Hollywood, Aventura, Miami Beach, Miami, and Allapattah areas since 2005.
Speaking four languages ( English, Spanish, French, and Italian ) helps her market her service a portfolio of local and international clients.