The first CityCoin, MiamiCoin (MIA) has boosted $10 million in revenue since its launch in early August. Based on the Stacks blockchain, MIA allows users to receive stacking rewards in Stacks and BTC, supporting the city's growth at the same time.
Crypto exchange Okcoin is the only platform where trading MiamiCoin is available. Mining of CityCoins is done via smart contract on the Stacks protocol. 30% of the mined tokens go to Miami's treasurer, and 70% is distributed among the token holders.
Francis Suarez, Miami's Mayor says the city can benefit greatly through the coin, with the possibility of $60 million in profit.He says this may replace taxes over time.
Suarez is a big crypto fan. He mentioned several times the role of crypto in making the city a technological leader. As reported by Bloomberg, Miami Mayor finds China's banning crypto can boost mining opportunities for the city and for the U.S. in general.