By collaborating with CityCoins to establish a crypto for the city of Brotherly Love, Philadelphia is leaving no sign for FOMO after Miami, Austin, and New York City have introduced CityCoins.
Mayor Jim Kenney of Philadelphia has welcomed the idea, telling the government news site Statescoop that his office is “excited about the prospect of donations from a CityCoins programme to target real problems in the city.” In a tweet on Jan. 31, Philly’s Chief Information Officer and apparent Bitcoin (BTC) advocate Mark Wheeler stated that “Philly is ready” to cooperate with CityCoins.
CityCoins is a Stacks (STX) blockchain software tool that assists local administrations in creating their own coin. Stacks transactions are settled using the Bitcoin network. CityCoins are already being used by New York City and Miami to expand their treasury reserves. Thirty percent of STX tokens mined are transmitted to the city’s wallet, where they are sold for USD and deposited into the city’s treasury. The rest is kept by the miners.
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