On August 3, Miami, Florida launched its own token MiamiCoin (MIA) to attract additionalfinancing for local projects.
The MIA token will be the first coin issuedthe CityCoin project, which facilitates the issuance of city tokens. According to the CityCoin website, San Francisco is also planning to launch its own digital currency.
MIA can be mined, purchased, or earned through the Stacks protocol. A percentage of mined or purchased coins is deposited in the municipal wallet, funds from which are used for the needs of the city.
State laws also prohibit cities from accepting or storing any currency other than the dollar, so the MIA will be converted to dollars before transactions.
Earlier this year, Mayor Francis Suarez announcedplans to create a US cryptocurrency hub from Miami. And in February, he unveiled plans to pay salaries to Miami municipality employees in bitcoins, not US dollars.
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