MiamiCoin could save residents millions of dollars in taxes if it sustains its current momentum.
The token which was built on Stack launched in August and has been a huge success since then with Fox Business claiming the coin generates $2,000 for Miami City every ten minutes.
“It’s theoretically possible that the city could generate enough taxes through MiamiCoin so that our residents don’t have to pay one cent in tax.” Miami City Mayor Francis Suarez said in an interview with Fox.
He added: “It’s interesting because it’s not an involuntary tax, it’s not philanthropy, it’s something that is completely different and could revolutionize the way governments are funded in the future.”
MiamiCoin is the first-ever CityCoin to launch and could serve as a developer platform for cities. It is entirely programmable meaning different applications can be built on it.
In the last 30 days MiamiCoin has reportedly generated over $5 million for the Magic City.
Miami City Commission agreed to accept funds yielded from the token earlier this month but the City will not directly hoard the cryptocurrency. Instead, it will be converted into the dollar equivalent and held in the reserves to fund other projects such as grants for crypto tech entrepreneurs, climate change problems, and cater for rural communities.
Photocredit: btcpro, cnbc.