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<\/p>\nMiamiCoin ($MIA), a project that offers cities a source of revenue through the minting of new cryptocurrency tokens, has seen the value of its token plunge by 95% since its launch. The token, supported by Miami Mayor Francis Suarez, who calls himself the \u201cmost bitcoin-friendly mayor on the planet,\u201d may however see adoption rise in the future.<\/p>\n
The price of the cryptocurrency, according to CryptoCompare data, quickly rocketed to nearly $0.05 when it first started trading last year, before plunging to around $0.01 and recovering to the $0.05 mark once again.<\/p>\n
Since then, MiamiCoin\u2019s price has been steadily dropping to now trade at $0.004. The cryptocurrency is traded against the U.S. dollar, BTC, and Stacks ($STX) on OKCoin.<\/p>\n
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The coin has enjoyed support from Miami Mayor Francis Suarez, who at one point suggested the cryptocurrency could be used to allow governments to be run \u201cwithout the citizens having to pay taxes.\u201d<\/p>\n
The cryptocurrency is part of a project called CityCoin, which requires users to mine it by acquiring tokens on the STX blockchains to bid for MiamiCoin. The winning bidder receives 70% of the mined MiamiCoin, while the city receives the remaining 30% in STX tokens.<\/p>\n
Initially, the project was beneficial for Miami, with Suarez saying the city added $5.25 million to its coffers thanks to CityCoins. Weeks later, Miami Herald quoted Suarez saying he did not know \u201cwhether it\u2019s going to work.\u201d<\/p>\n
Separately, Quartz has obtained emails from CityCoins to the mayor\u2019s office through a freedom of information act that reveal concerns Suarez\u2019s statements could trip \u201cregulatory wires,\u201d which could mean the project and city could have to return funds to investors if the U.S. Securities and Exchange Commission found the coin to be an unregistered security.<\/p>\n
In other emails, Patrick Stanley, CityCoins\u2019 community lead, has called for the cryptocurrency to be used for local business transactions or even universal basic income. Late last year, Miami announced it was going to give its citizens a \u201cBitcoin yield\u201d from MiamiCoin to its citizens and has planned to let city employees receive their salaries in BTC.<\/p>\n
Francis Suarez remains a popular figure among the cryptocurrency crowd, although some estimate that MiamiCoin may not catch on: as its price drops, STX holders are less incentivized to bid to mine coins.<\/p>\n
MiamiCoin, it\u2019s worth noting, may still come back. In statements CityCoins has defended MiamiCoin\u2019s legitimacy as a long-term instrument, rather than a speculative asset that should be looked at in the short-term.<\/p>\n