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Miami mayor Francis Suarez has long been a bitcoin and cryptocurrency fan. He has proposed paying city workers in the world’s largest digital currency by market cap, and he has also tried to entice China’s exiting bitcoin miners to come to his region to start businesses and take advantage of the area’s many tax benefits.
Miami Is Heading Deeper Into Crypto Territory
However, now he’s taking his affection for digital currency to the next level. In a recent press release, Suarez announced that he would be unveiling a new cryptocurrency this coming August that he believes will allow the city to become more digitized and build up the area’s economy.
The new asset will be known simply as Miami Coin, and will allegedly generate as much as 30 percent of the city’s new profit. The currency will be used to fund city initiatives and help in pushing the region’s cryptocurrency agenda forward. Francis Suarez explained:
The city of Miami could end up earning millions of dollars as a result of the popularity of Miami Coin, because obviously Miami has now become… the bitcoin capital of the world, and we’re focusing on differentiating our economy by creating the new wave of technological products that will incentivize people to move to Miami and be part of our tech ecosystem.
The currency is set to be designed by a company known as City Coins, which builds crypto for municipalities. The company will launch the new asset by mid-August, though mining opportunities should be available as early as August 3.
In a statement, City Coins outlined what it thinks the coin will bring to Miami’s table:
The city of Miami can elect to use its growing crypto treasury to benefit the city and its constituents. Think new public spaces, improvements to infrastructure, hosting city events, recruiting startups, and more.
The firm also stated that over the past year, tech enterprises – both new and established – have flocked to Miami in droves, eager to take advantage of the growing bitcoin love that is so prominent within the region. City Coins mentioned:
Miami has long been a center of culture and innovation in the United States, and over the last year, the city has increasingly taken center stage as a tech and crypto startup city due to technologically progressive leadership. The city’s leadership is embracing crypto and offering support for the tech industry.
Giving Room to More Businesses
Mayor Suarez, as of late, is doing everything he can to build Miami’s crypto mining space and is working to ensure all Chinese miners that have recently been kicked out of their own warehouses back home have a place in Miami. He stated:
We want to make sure that our city has an opportunity to compete. We’re talking to a lot of companies and just telling them, ‘Hey! We want you to be here.’