Miami already has a lot going for it: the sun, the beach, the Cuban coffee. Now the mayor of the city, Francis Suárez, wants to put it on the map for another reason:
he wants to be the first to create a new way to raise money for the city, through a new cryptocurrency. MiamiCoin, an experiment he launched this year, could generate so much revenue that there could be a future scenario where “Miamians would no longer have to pay municipal taxes,” the Republican told the BBC. That’s an aspiration, and beyond that, he hopes to one day be able to deliver MiamiCoin to all residents, as a kind of digital dividend.
MiamiCoin is just one part of Suarez’s push to establish Miami as a cryptocurrency hub. I think we have been presented with a unique opportunity to diversify our economy,” he said. “Before the pandemic, more than 60% of Miami’s economy was based on the service sector. That left us particularly vulnerable to Covid and I will not pass up the opportunity to change that. But while Suarez is the first to get off the blocks he is not the only mayor in
the race for US crypto capital. He is on his heels with the man who is about to take over as mayor of New York next month. , Eric Adams. Cryptocurrencies, depending on who you ask, are about to revolutionize the global economy, bypassing the financial control of national governments and putting power in the hands of ordinary citizens, or are they risky and unstable tools that allow illegal activities, from ransomware even drug trafficking.
A cryptocurrency is a digital product, created without the backing of any central bank or payment system, created or “mined” by computers running complex software programs. Anyone willing to invest the time and money to set up the necessary computer equipment can mine, or even establish their own cryptocurrency. They can also be bought and sold, like investing in a commodity.