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200 Cities Will Have Their Own Cryptocurrency Within Five Years, CityCoin Predicts

CityCoins have already launched in New York City and Miami

CityCoins have already launched in New York City and Miami. They’re powered by Stacks, a protocol that enables smart contracts on the Bitcoin network. More than 200 cities will have their own cryptocurrency within five years, a CEO has claimed.

COINMARKETCAP — CityCoins have already launched in New York City and Miami. They’re powered by Stacks, a protocol that enables smart contracts on the Bitcoin network. More than 200 cities will have their own cryptocurrency within five years, a CEO has claimed.

More than 200 cities will have their own cryptocurrency within five years, a CEO has claimed.

Patrick Stanley — a contributor to CityCoins — says the project has ambitions to expand beyond the U.S. in the not-too-distant future.

Speaking to the CoinMarketRecap podcast, the Freehold CEO went on to declare that every major city will one day have their very own digital asset.

A lot of cities actually don’t want very large companies coming to their city because it creates a large footprint. It increases rent prices.
Trevor Owens, Stacks Ventures

Back in February, Miami Mayor Francis Suarez revealed that the city had received a dividend of $5.25 million from the project, which aims to offer an alternative revenue source aside from taxation.

At Stacks’ Bitcoin Unleashed conference in Miami, Stanley told CoinMarketCap that CityCoins ultimately wants to offer “an App Store for cities” — encouraging developers to create applications that embrace CityCoins.

Trevor Owens, managing partner at Stacks Ventures, said the CityCoins model also emboldens mayors to cater towards startups and disruptors rather than big companies. During the view, they said: “A lot of cities actually don’t want very large companies coming to their city because it creates a large footprint. It increases rent prices.”

They argued that CityCoins give citizens a provable stake in the success of their city — and other potential use cases could include stablecoins that can be spent with local businesses, giving the economy a boost.

Full article by Connor Septhon is available on coinmarketcap.com.

Published: 07. April 2022
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