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Miami and the Bitcoin How the city on the Atlantic wants to replace Wall Street

 


Miami- white beaches, nightlife, beach clubs, and skyline. The city in southern Florida is known for series like Miami Vice or films like Scarface. It is a well-known fact that life is good in the sunny south of Florida. In addition to miles of sandy beaches, the Everglades round off the coastal region around Florida. But now Miami wants to attack. The declared goal is Wall Street. Miami wants to become the crypto capital of the world and is investing heavily to do so.


But how does Miami want to become a crypto metropolis?


Miami and the crypto coup

The Crypto Conference is currently taking place in Miami. One of the largest crypto fairs worldwide. In the process, the city revealed a veritable affront to Wall Street. The Miami Bull. This is very similar to the world-famous Charging Bull, which stands on Wall Street and is said to stand for rising prices on the stock exchanges. The Miami Bull broadcasts a similar message, but primarily stands for rising cryptocurrency prices.

However, as Miami Mayor Francis Suarez announced last November, it won't stop there. The city of Miami got into the crypto business some time ago. Among other things, with its own coin.

Charging Bull in New York


What is MiamiCoin?

In the course of this, the city of Miami, in cooperation with CityCoin, developed a MiamiCoin, which should be intended for its own city. Through staking, the MiamiCoin is said to have already brought profits of 21 million US dollars to the city on the Atlantic.

Mayor Suarez has already announced that this profit will be distributed to every citizen with a digital wallet in the form of Bitcoin.

The mayor's vision for the future, however, is that Miami will no longer have to collect taxes and that public spending can be financed purely through staking.

The Miami Plan

Within the United States, Florida is already considered one of the states with very liberal economic policies. Especially compared to New York, Miami has the advantage that Florida residents are taxed much less. This also applies to crypto profits, which makes the Florida market very interesting. In addition, Suarez announced that he would enact the “most progressive crypto laws”. For Miami, that means deregulation. A big plus for the city’s crypto community in the “Sunshine State”.


Why Does Miami Want to Become a Crypto Capital?

While many aspects of the project may be marketing, the strategy is already paying off for Miami. In addition, Suarez shows that he takes the project seriously.


Cryptocurrencies offer tremendous advantages in Miami. The city earns millions by mining the MiamiCoins. In fact, 30% of the mining proceeds go directly to the City of Miami, with the miner earning 70%. The aim is to use the profits to fight problems such as homelessness.


Will Miami become a crypto capital?

Miami seems to be doing a lot of things right at the moment. The crypto conference attracts millions of people to the city. The city also has one more attraction thanks to the Miami Bull. The MiamiCoin also seems to be bringing money into the city's coffers.

However, one must not forget that Miami is only a medium-sized city in the southern United States. With less than half a million residents, neither Miami nor Mayor Suarez has the power to push cryptocurrencies nationwide. Even if the goal is primarily his own city, Suarez must comply with applicable laws and, if in doubt, cannot decide on US or state law in Florida. Larger draft laws would therefore have to apply to the entire state of Florida or even be passed in the US Senate. For example, Suarez has only limited influence on the “most progressive crypto legislation”, as he calls the draft. In addition, Suarez has only limited influence on tax issues and laws.


But still: Due to the many successful projects, Miami seems to be on the way to becoming the crypto capital. A showcase project that could influence and change the whole of the USA in the long term.

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