After several countries’ central banks have tested and launched their own versions of crypto, there is a new entrant. The city of Philadelphia and its government are now exploring the possibility of crypto. Other cities in the US like Austin, TX, Miami, FL and NYC are big investors. Philadelphia wants to follow suit by partnering with CityCoins and boosting their treasury health. Cryptocurrency will help in this endeavor.
This is big and exciting news for Philly as it has been looking for the right time to enter the crypto market. The time is now, and Philly Mayor has expressed his support for the concept. The mayor’s office is very enthusiastic about receiving funds and donations from the CityCoins program. This funding will be key to solving many problems faced by the city.
Not just the mayor, Philly’s CIO, Mark Wheeler, is a big Bitcoin supporter. According to Mr. Wheeler, Philly is ready to start working with CityCoins via a tweet on January 31st, 2022.
Want to know more about CityCoins? It is a software application that works on the STX blockchain. CityCoins’ goal is to ensure that city governments across the US offer a one-of-a-kind cryptocurrency to their citizens. These can be used to carry out transactions on Stacks and then settled properly on Bitcoin’s network.
Currently, NYC and Miami are using CityCoins to increase treasury holds. The breakup in tokens looks like this – 30% of STX tokens mined go into a city’s wallet. These tokens are sold for hard currency (USD) and sent into the city’s treasury directly. Crypto miners keep the rest of the tokens. According to Mr. Wheeler, formal vetting will take place soon and laws will be compiled thereafter.