City Of Miami Launches Its Own Cryptocurrency Initiative

MIAMI (CBSMiami) - Miami Mayor Frances Suarez is making a major announcement regarding cryptocurrency.

He's unveiling, "Miami Coin," the city's newest cryptocurrency initiative.

"This coin will help the city focus on 'differentiating our economy,'" said Suarez.

So, how does the city benefit from this?

Suarez says whenever "Miami coin" is mined, the city will get 30 percent, which will go right into the city's general fund.

The mayor is claiming the Magic City has now become "The bitcoin capital of the world."