The city of Miami has launched its own cryptocurrency called MiamiCoin ($MIA) that will reward users with Bitcoin. The new crypto will also be used to fund projects and events in the city.
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The team behind the coin is called CityCoins, a project aimed at building cryptocurrencies that allow citizens to invest and support their city through the token. CityCoins like MiamiCoin generate Stacks ($STX) coins and Bitcoin for holders while giving funds to the city's treasury. In theory, should the quality of the city increase with this new investment, so should the value of the City's coin.
MiamiCoin is the first CityCoin to release, though San Fransico has a coin coming soon. CityCoins is building these cryptocurrencies using the Stacks programmable blockchain. MiamiCoin is available to be mined starting today and can be purchased in the near future.
This story is developing.