2 years ago
After a $5 cardinal disbursement, MiamiCoin is the archetypal CityCoin to retreat funds from its treasury.
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Upon the announcement that Francis Suarez, Mayor of the City of Miami, took a $5.25 cardinal disbursement from the MiamiCoin wallet, Cointelegraph inquired astir however the metropolis volition usage these funds.
I’m truthful excited to denote that the @CityofMiami has received its first-ever disbursement from @mineCityCoins totaling $5.25M.
This is simply a historical infinitesimal for our metropolis to collaborate with an innovative task that creates resources for our metropolis done innovation not taxation.
Mayor Suarez pointed to the affordable "housing crisis" that Miami is facing successful airy of rising rent prices that don't align with the area's median income. He revealed that the City of Miami has been moving intimately with the CityCoins squad since the opening of the twelvemonth to code this issue.
According to Suarez, the City of Miami had $15 cardinal successful its designated wallet aft the latest crypto marketplace crash, which successful mid-January claimed to person $24 million. He said that the treasury received $5.25 cardinal successful aboriginal February.
"We’re utilizing $5 cardinal of those dollars to money a rental assistance programme for metropolis residents who person experienced terrible rent hikes."Mayor Suarez added that their "fiscally responsible" attack to utilizing treasury funds aims to "make a substantive interaction connected the community" and to "grow the treasury for the semipermanent payment of the citizens of Miami."
When asked astir plans to springiness residents a Bitcoin dividend, helium said that the squad is "actively working" connected it and that the superior interest is to guarantee that residents "have each the indispensable tools to decently leverage that output for further idiosyncratic economical benefit."
As per CityCoins guidelines, the ceremonial process of allocating immoderate funds from MiamiCoin requires that the City Commissions ballot to determine its allocation. Thus, if residents privation to dependable their opinions oregon suggestion, they indispensable bash truthful via nationalist comment. However, Mayor Suarez confirmed that the CityCoins squad is successful the process of creating governance DAOs to let MiamiCoin holders to actively enactment and ballot connected suggested measures.
Related: Navigating CityCoins: Miami citizens to gain Bitcoin contempt the metropolis not holding crypto
MiamiCoin, NYCCoin and AustinCoin are presently the lone CityCoins disposable to mine, and their holders are rewarded via the Stacks Protocol.
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