Philadelphia is about to follow Austin, Miami, and New York City by collaborating with CityCoins to develop crypto infrastructure. Jim Kenney, the Mayor of Philadelphia has already endorsed this idea with Statescoop- the government news media site has stated that his office is quite enthusiastic about the potential for funding from such a program- which would then be used to target most of the pressing problems.
Mark Wheeler, the Chief Information Officer for the city and apparently a supporter of Bitcoin has also attested that Philadelphia is quite ready to start working with the program in a 31st January tweet.
Philadelphia About To Launch CityCoins
CityCoins is a software application based on the blockchain of Stacks that would help the city governments create a unique cryptocurrency. Most of the transactions on Stacks do settle on the network of Bitcoin. Miami and New York City have already used this application to increase their treasury holdings. Thirty percent of mined STX tokens are being sent to the city’s wallet then sold for US Dollars which would go directly into the treasury for the city. Miners will be retaining the rest.
In an interview on the 1st of February, Wheeler went on to indicate that the city would begin formally vetting CityCoins to ensure that any of the potential partnerships that they enter into together comply with most of the existing laws that concern the entire sector of cryptocurrency. Wheeler also went ahead and spoke of the environmental concern of adopting a program that would utilize a Proof-of-Work blockchain like Bitcoin.
Miami had previously launched its MiamiCoin with CityCoins the previous August to help in increasing the funds of the city which Mayor Francis Suarez said would be utilized to cover the tax burden for all of the residents.
