The US city of Miami has become the first city to approve a native cryptocurrency . The crypto token will be based on Bitcoin’s smallest unit “SAT” and would be called the Miami coin. Miami City Commission approved access to $4.3 million in Miami Coin. The token can be mined using Bitcoin mining apparatus and for every coin mined, the city mayor gets access to funds that can be utilized for improving the city.
Miami Mayor Francis Suarez who is a known Bitcoin advocate and has talked about making Miami the crypto hub of the US took to Twitter to announce the news.
The @CityofMiami decision to accept the gift contributions generated by the @mineCityCoins Protocol-currently valued at $4.3M-represents a major milestone in Miami’s quest to become a crypto innovation hub
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