MiamiCoin may be the next target for regulators as its rapid descent continues

Miami has made moves over the last year to position itself as a crypto hub, with Miami Mayor Francis Suarez declaring back in 2021 that “The City of Miami believes in #Bitcoin and I’m working day and night to turn Miami into a hub for crypto innovation”. Now, however, MiamiCoin’s possible price collapse may take Miami’s crypto dreams with it.

CityCoins unveiled plans to launch MiamiCoin in September 2021, with mayor Suarez noting at the time:

“When you think about the possibility of being able to run a government without the citizens having to pay taxes. That’s incredible,” Suarez said, adding that the partnership creates a “counternarrative” to the idea that city programs require raising taxes or “private sector philanthropy.”