How’s Miamicoin working out for Miami?

What’s happening? Miami adopted Miamicoin, a cryptocurrency that can pay city employees, and be accepted for city taxes.  Miami is partnering with CityCoins, a nonprofit and opensource protocol that allows people to hold and trade cryptocurrency representing a stake in a municipality.

Why is this important? In a week that saw China ban all cryptocurrency, we see Miami, one of the first cities int venation to embrace crypto currency. The Miami mayor calls the program a way to transform the city into the world’s “cryptocurrency innovation hub,” 

How will this be important? The program is expected to generate $60M in the first year for the city. Since August $7.1 has been generated for Miami.

Washington Post | Crypto tax: ‘MiamiCoin’ has made the city $7 million so far, a potential game-changer for revenue collection