As additional coins are mined, a part is put into a wallet for the local government to spend as it sees fit, such as infrastructure.
Francis Suarez, Miami’s crypto-friendly mayor, said that he wants to make the Florida city the go-to center for IT and crypto companies and has even asked Chinese Bitcoin miners to visit. After hosting Bitcoin 2021, a two-day Bitcoin conference in June, he dubbed Miami the “Bitcoin Capital of the World.”
Last week, Suarez told Fox Business that the popularity of MiamiCoin might result in the city of Miami receiving millions of dollars.
However, the MiamiCoin initiative is still in its early stages, and it is unclear if it will produce money for the city.
MiamiCoin (or MIA) will be accessible on select reputable exchanges starting tomorrow, according to CityCoins. According to the CityCoins website, the precise exchangers will be revealed shortly.
https://mycryptoparadise.com/miami-preparing-to-launch-its-cryptocurrency-with-users-being-rewarded-in-bitcoin/