Posted October 05, 2021
Miami Mayor Francis Suarez has a plan to transform the city into the world’s “cryptocurrency innovation hub,” and one of the outcomes, he claims, could be a metropolis free from taxes.
The lofty idea is the byproduct of a cooperation with CityCoins, a nonprofit and opensource protocol that allows people to hold and trade cryptocurrency representing a stake in a municipality. By running 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.
Since CityCoins unveiled “MiamiCoin” in August, the protocol has sent about $7.1 million to Miami. (City commissioners agreed to accept the donations on Sept. 13.)
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