Miami Mayor Proposes Allocating Cryptocurrency Funds to Aid Rental Assistance

Francis Suarez wants to use gains from MiamiCoin to offset rising rental costs

As Miami welcomes more cryptocurrency companies to the area, Mayor Francis Suarez hopes to ensure the entire community can benefit from the growing digital-based currency. Suarez recently announced plans to utilize funds generated from MiamiCoin to enhance the city’s Rental Assistance Program as a way to lessen the burden of increasing rental prices.

CityCoins was the first cryptocurrency created to provide ongoing revenue streams for cities, with Miami and New York City the first metropolitan areas to use the service. Per Suarez’s proposal, The Okcoin-hosted MiamiCoin will allocate $5 million generated by MiamiCoin towards the Miami Rental Assistance Program to help bridge the gap for households struggling to keep up with rent increases.

SFBW Staff
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