A small group of cryptocurrency enthusiasts has an offer that it's hoping U.S. cities can’t refuse – the prospect of millions in city funding just for embracing a new form of cryptocurrency. Miami is the first municipality to strike a deal with the group.
When Suarez announced in November that his city would partner with the group, one of its leaders, Patrick Stanley, told news outlet and cryptocurrency price index company CoinDesk TV that Suarez “just turned his city into an oil producing country that gives Bitcoin yield to its citizens, like that is incredible.”
The proposed arrangement is unusual from an economic development perspective as well, in part because City Coins says it is not a company but rather a kind of collective. Its website does not list any employees or contact information besides a link to the messaging app Discord. It is registered in Delaware as a nonprofit organization. Online records show it is not registered in Florida.
To John Forrer, a research professor at George Washington’s public policy school, the unprecedented arrangement presents potential pitfalls for any municipality that signs up.
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