Philadelphia to partner with CityCoins to boost its crypto treasury

The Philadelphia City Council is working to partner with CityCoins on its donation program and increase its cryptocurrency treasury

Philadelphia Mayor Jim Kenney stated that the city is ready to partner with the CityCoins donation program to address the city’s challenges and boost its treasury with cryptocurrencies.

CityCoins is a software application on the Stacks (STX) blockchain that makes it easy for municipal authorities to create a unique cryptocurrency that executes transactions on Stacks and is settled on the Bitcoin network.

Mark Wheeler, Philadelphia Chief Information Officer and Bitcoin (BTC) supporter announced through his twitter account that “Philadelphia is ready to start working with CityCoins.” He stressed that he would initiate inquiries into the legal guidelines that allow him to ensure any association with CityCoins is within the current laws regarding cryptocurrencies.

On the other hand, the official indicated that this application does not require users to use any additional hardware that could cause damage to the environment. “I think we can just say this is not Bitcoin and it doesn’t require installing new servers or being power intensive.”

CityCoins reaches other US cities

CityCoins already has a presence in other cities in the United States developing cryptocurrencies. Among them, the cities of New York and Miami stand out, which are already using the Stacks blockchain software to increase their treasury reserves. About 30 % of the mined STX tokens are sent to the city wallet and then sold for dollars, which go directly to the city treasury. The miners keep the rest.

Last August, Miami launched its MiamiCoin with CityCoins with the purpose of raising funds that, according to the city’s mayor, Francis Suárez, could be used to cover the tax burden of all its residents.

For its part, the city of New York launched its NYCCoin in a partnership with CityCoins last November. Using the same methodology as MiamiCoin, NYCCoin miners receive STX and BTC rewards for supplying tokens to the city.

Other cities such as Austin and Texas have already made the alliance, but have not started mining.

M. Rodríguez


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