Late last year and earlier this year, there was a lot of chatter about cryptocurrencies on Capitol Hill and in a number of key US states.
The state of Florida and New York City become cryptographic havens
In January, Miami Mayor Francis Suarez and New York Mayor Eric Adams confirmed that they will receive a salary in Bitcoin (buy Bitcoins). Both had announced they would be taking Bitcoin salaries late last year.
Joining the mayors of New York City and the city of Miami was Tampa Bay Mayor Jane Castor. Mayor Castor also announced plans to receive a check in Bitcoin late last year.
With the State of Florida and the City of New York seen as progressives and friends of cryptocurrencies, the Governor of the State of Florida announced late last week that businesses will be allowed to pay state taxes on digital assets. Governor Ron DeSantis had proposed a program to allow businesses to pay state taxes in digital currencies late last year.
Miami, CityCoin and MiamiCoin
In the State of Florida, the crypto-friendly position has led to an increase in the adoption of cryptocurrencies.
The rise in adoption comes despite a marked increase in regulatory scrutiny in the United States and beyond. Just last month, a U.S. Congressional subcommittee held a hearing on crypto mining and the environment, with lawmakers targeting Bitcoin. Demands for a global regulatory framework and increased regulatory activity contributed to Bitcoin's collapse from ATH of $ 68.979 last November.
However, news from the city of Miami remains positive for advocates of digital assets and decentralization.
In June 2021, the City of Miami launched its digital asset MiamiCoin (MIA), the first CityCoin on the market. Powered by Stack (STX), CityCoins is “a protocol that enables smart contracts on the Bitcoin network”.
Stack holders can submit STX in the Stacks protocol and receive 70% of all STX tokens stacked in MiamiCoin (MIA). Miners can then mine with the rewarded MIA to earn BTC rewards.
The remaining 30% goes to City Wallets. City Wallets are treated as a city's treasury. For the city of Miami, Mayor Suarez can exchange accumulated tokens for fiat, or mine STX tokens to earn Bitcoin.
MiamiCoin ultimately provides a platform for Miami residents to support the city by building a cryptocurrency treasury to fund infrastructure improvements, recruit startups, host events, and create new public areas.
After the city of Miami there was the city of New York which then launched its own CityCoins called NewYork Coin (NYC Coin).
MiamiCoin delivers $ 5,2 million to the City of Miami coffers
Late last week, Miami Mayor Suarez announced on Twitter that the City of Miami has received its first outlay from CityCoins, totaling $ 5,25 million. Suarez added that the project "creates resources for the city through innovation, not taxation".
The latest news puts the city of Miami firmly on the cryptocurrency map. Mayor Suarez is looking to transform the city into a "cryptocurrency innovation hub". The mayor aims to make enough crypto income through the MiamiCoin initiative to make the city of Miami tax-free.