Miami, a US city, is rolling out its own cryptocurrency, Decrypt reports.
The cryptocurrency, known as MiamiCoin, will be launched tomorrow and will allow users to invest in the city to fund infrastructure projects and events.
The cryptocurrency is being launched thanks to the participation of CityCoin, a project that allows cities to launch their own tokens for investment, and offering rewards in Bitcoin or Stacks.
The CityCoin project claims Miami will be the first city to launch its own digital asset as part of the project. However, San Francisco, another US city, will soon do the same. According to the project’s site:
“MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders. MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn yield through the Stacks protocol.”