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Miami Mayor Francis Suarez discussed MiamiCoin, a city-specific cryptocurrency, on “Morning with Maria” on Monday, arguing that the model could “revolutionize the way governments are funded in the future.”

Suarez, who has dubbed Miami the crypto capital of the world, told host Maria Bartiromo that MiamiCoin has generated over $5 million for the city in the past 30 days.

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Last week, the City of Miami Commission voted in favor of MiamiCoin reaching nearly $5 million.

For every MiamiCoin that people use (or create), a base cryptocurrency called Stack, which has its own token, Miami receives money that elected leaders can use to improve the quality of life of city residents .

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Miami Mayor Suarez wrote in a tweet last Monday, “@CityofMiami’s decision to accept gift contributions generated by the @mineCityCoins protocol – currently valued at $4.3M – marks a major milestone in Miami’s quest to become a cryptocurrency innovation hub.” represents the stone. “Fund that will directly impact the lives of all our residents!”

Speaking on “Mornings with Maria” on Monday, Suarez elaborated that “every time MiamiCoin is exchanged between one person and another, the protocol receives a 30% reward for that mining transaction going directly to the city.” is needed.”

“It’s generating over $2000 and $5 million every 10 minutes in the last 30 days, so it’s on pace to raise about $60 million,” he continued, “it’s not an involuntary tax and it Charity is not.”

“This is something that is completely different and could revolutionize the way governments are funded in the future,” Suarez explained.

“Theoretically it is possible that the City of Miami, through MiamiCoin, can generate enough taxes so that our residents do not have to pay a cent in taxes. That would be revolutionary.”

MiamiCoin is the first CitiCoin, a city-based token, with plans to expand to cities other than Miami. The cryptocurrency is completely community-sourced and community-driven.

As Suarez indicated on Monday, about $2,000 worth of stacks are transferred to the city’s cryptocurrency wallet every 10 minutes, with an average of 35 miners competing to create MiamiCoin within the same period. Citicoins community lead Patrick Stanley told Granthshala Business that funds from the newly minted MiamiCoin go to the city itself.

In other words, the city has made about $5 million from the people who create the cryptocurrency, Stanley explained.

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“We want to be the most innovative city on the planet because we understand that the future of high paying jobs in America depends on creating an innovation economy,” Suarez told Bartiromo on Monday.

“And so for us, in Miami, we want to make sure that we are inviting that kind of innovation so that we can create and innovate organizations like Citicoin in our city.”

CityCoins said blog post Last Monday the Miami Commission and Suárez committed to allocating funds to initiatives targeting already disadvantaged communities, climate change and rising sea levels, and crypto education, although none have yet been spent. has gone.

Speaking with “Warney & Company” in July, Suarez said that the money generated from MiamiCoin “will go directly to our General Fund,” which can be used “to continue to reduce homelessness.”

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Suarezzo on Friday tweeted that “Miami City is now at its lowest level of homelessness since 2013.”

Speaking with Bartiromo, Suarez explained that Miami is now down to 510 homeless people across the city due to an “extensive buffet of benefits” for the city’s homeless population, including housing, food, mental health and drug counseling. Is. as vocational training.

Granthshala Business’ Audrey Conklin contributed to this report.