Miami, the host city of the event we recently visited, doesn't own or manage the Miami coin, although it has received the support of the mayor.
The CityCoin plan requires miners to use the Stacks (STX) blockchain in order to bid for MiamiCoin. The winning bidder gets 70 percent of their investment in MiamiCoin, while the city gets 30 percent.
I’m so excited to announce that the @CityofMiami has received its first-ever disbursement from @mineCityCoins totaling $5.25M.— Mayor Francis Suarez (@FrancisSuarez) February 2, 2022
This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation not taxation.
The city received a $5.25 millionPayout from the project on February 2nd The Miami Herald quoted the mayor as saying that he didn't know whether the coin would work. The mayor's office was worried that his statements could trip regulatory wires if the SEC decided the coin was not currency.
Patrick Stanley is listed as a supporter on the City Coins website and he says the currency could be used for local business transactions or universal basic income. Stanley posted a picture of people learning to develop projects that might use thecryptocurrencies, yet none of those applications have become real. One open city proposal would have the coin serve as a reward for people who call to report scooters left laying around.
Miami is not alone in its push for City Coins. The New York City mayor Eric Adams welcomed City Coins to the area after he promised to take his first three paychecks in the digital currency. In about the same week that it reached its peak value of $69,000, it was trading for $30,000. The NYCCoin project has lost 98.58 percent of its value and is currently trading for $0.