Crypto tax: ‘MiamiCoin’ has made the city $7 million so far, a potential game-changer for revenue collection

Miami Mayor Francis Suarez has a plan to transform the city into the world’s “cryptocurrency innovation hub,” and one of the outcomes, he claims, could be a metropolis free from taxes.

The lofty idea is the byproduct of a cooperation with CityCoins, a nonprofit and opensource protocol that allows people to hold and trade cryptocurrency representing a stake in a municipality. By running software on their personal computers, CityCoins’ users mint new tokens and earn a percentage of the cryptocurrency they create. A computer program automatically allocates 30 percent of the currency to a select city, while users get the other 70 percent.