09-02-2022, 12:24 PM
By THALIA BEATY
yesterday
NEW YORK (AP) — A small group of cryptocurrency enthusiasts has an offer that they’re hoping U.S. cities can’t refuse.
The group City Coins is asking Miami and New York to accept the equivalent of millions of dollars in a new cryptocurrency, and at least some of the money is real: Last week, Miami Mayor Francis Suarez announced that City Coins had transferred $5.25 million to the city.
The dizzying proposal has leaders in other cities, like Philadelphia and Dearborn, Michigan, clamoring to get in on a deal they hope might patch budgets, similar to how some cities and states had hoped lotteries or legalized gambling would be a solution to financial problems.
That hype also benefits people who get in early on the new currencies, which is part of what fuels arguments that cryptocurrency startups too closely resemble pyramid schemes.
......
Participants in the City Coins project hope that Miami residents will eventually be able to hold their identification, pay taxes or vote using the blockchain technology Miami Coin is built on -- thereby increasing the coins’ value.
Many more details at: https://apnews.com/article/cryptocurrenc...eae9188e70
yesterday
NEW YORK (AP) — A small group of cryptocurrency enthusiasts has an offer that they’re hoping U.S. cities can’t refuse.
The group City Coins is asking Miami and New York to accept the equivalent of millions of dollars in a new cryptocurrency, and at least some of the money is real: Last week, Miami Mayor Francis Suarez announced that City Coins had transferred $5.25 million to the city.
The dizzying proposal has leaders in other cities, like Philadelphia and Dearborn, Michigan, clamoring to get in on a deal they hope might patch budgets, similar to how some cities and states had hoped lotteries or legalized gambling would be a solution to financial problems.
That hype also benefits people who get in early on the new currencies, which is part of what fuels arguments that cryptocurrency startups too closely resemble pyramid schemes.
......
Participants in the City Coins project hope that Miami residents will eventually be able to hold their identification, pay taxes or vote using the blockchain technology Miami Coin is built on -- thereby increasing the coins’ value.
Many more details at: https://apnews.com/article/cryptocurrenc...eae9188e70