City Council says that Philadelphia is ready for CityCoins

By joining hands with CityCoins to establish crypto for the city of Brotherly Love, Philadelphia is on the verge of following the footsteps of Miami, Austin, and New York City.

Mayor Jim Kenney of Philadelphia has welcomed the idea, telling the government news channel Statescoop that his office is “enthusiastic about the potential of donations from a CityCoins program to target pressing problems in the city.”

On January 31, Philly’s Chief Information Officer and apparent Bitcoin (BTC) advocate Mark Wheeler stated that “Philly is ready” to cooperate with CityCoins.

https://twitter.com/Wheelmrk/status/1487903614064541696

CityCoins is a Stacks (STX) blockchain software tool that assists local administrations in developing their own coin. Stacks transactions are settled using the BTC network.

CityCoins are already being used by New York City and Miami to expand their treasury reserves. 30% 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.

Wheeler said in a February 1 interview that the city would formally start assessing CityCoins to confirm that any prospective partnership they build together complies with existing crypto regulations.

No need for additional hardware while using CityCoins 

Wheeler addressed the issue of adopting an application that requires a Proof-of-Work blockchain, such as Bitcoin, as an environmental concern. He emphasized that CityCoins does not require customers to use any additional hardware, which could cause further environmental damage. On February 1, he told Statescoop:

“I think we can simply say, ‘This isn’t Bitcoin, and it’s not requiring new servers to be set up, and it’s not requiring intensive energy use.’ I think that’s a valid, verifiable statement.”

Wheeler stated in November that the city of Philadelphia would attempt to integrate blockchain technology into its administration. He got the idea for the campaign from the city of Miami.

Last August, Miami debuted its MiamiCoin with CityCoins to help the city raise revenue, which Mayor Francis Suarez, who gained 100% in BTC, stated could be used to cover all of the city’s residents’ tax burdens.