The city of Miami is launching its own cryptocurrency in August, and city authorities anticipate that it should generate many dollars in income.

About a third of the income generated from the new digital money, MiamiCoin, could utilized to support city initiatives, the Miami Herald announced last week.

Miami Mayor Francis Suarez says they are currently the Bitcoin capital of the world, and they are banding together with the organization CityCoins to make their cryptocurrency, which will be known as MiamiCoin.

“And we are focusing on separating our economy by making the new rush of technology items that will boost individuals to move to Miami and be important for our tech ecosystem,” he added.

City officials are working with CityCoins, an organization that is planning cryptographic money for municipalities, to launch the new computerized token. The Miami-specific currency will be accessible for computerized “mining” on August 3, as indicated by the organization, and will be the first of its sort to go to market.

Mining is the way toward creating new cryptocurrencies and keeping up with the digital record of digital currency exchanges.

CityCoins said that MiamiCoin will give an “ongoing crypto income stream for the city” that could put towards an assortment of speculations.

“The city of Miami can choose to utilize its developing crypto depository to benefit the city and its constituents — think new open spaces, upgrades to infrastructure, facilitating city occasions, enrolling new companies, and more,” CityCoins said in an explanation.

Suarez has looked to make Miami a center for digital money. In June, he supported bitcoin excavators in China facing resistance from Chinese authorities to move to Miami and promoted the city’s stock cheap nuclear power, which can tackle for cryptocurrency mining.

“We need to ensure that our city has a chance to contend,” Suarez told CNBC.

“We are conversing with a ton of organizations and simply advising them, ‘Hello, we need you to be here,'” he said.

CityCoins noticed that tech originators have moved to the city “en masse”

“Miami has long been a center of culture and development in the U.S., and in the last year the city has progressively become the overwhelming center stage as a tech and crypto startup city because of technologically reformist authority,” the organization said through its site on July 14.

“The city’s administration is embracing crypto and offering support for the tech business as a whole,” it added.

San Francisco has also thought about making its own coin.

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