The US city of Miami is about to launch its own cryptocurrency MiamiCoin, which will be used to fund infrastructure projects and city events. The launch of the MiamiCoin has been confirmed by the founder of Stacks, the Miami government's technical partner to issue the token.
MiamiCoin will be the first cryptocurrency issued in the CityCoin ecosystem. The project will allow cities to create tokens to attract investment. Investors can receive rewards in Bitcoins by staking the tokens.
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Miami mayor Francis Suarez has previously said with the help of the MiamiCoin, the city will be able to earn "millions of dollars." According to CityCoin's announcement, the MiamiCoin will start trading on August 4 on "designated trusted exchanges."