It is registered in Delaware as a nonproit
organization. Online records show it is not
registered in Florida.
Reached on Discord, community lead Andre
Serrano estimated that the number of people
involved in City Coins numbers between 10,000-
15,000, though he’s basing that on City Coins’
Twitter followers and the people who have joined
the Discord chat.
In a statement, Suarez said the city cannot legally
hold cryptocurrencies. So for now, he said, “City
Coins acts as a custodian of Miami’s rewards
until they are converted into dollars and formally
gifted to the city,” which the irst $5.25 million
was on Feb. 2.
For scale, the city of Miami’s operating budget
adopted in October was more than $1.3 billion.
“We have a lot of ideas for how we can spend
the money and we fully intend to listen to the
community’s input as to how to deploy the funds,”
Suarez said in a statement, suggesting education
was a priority.
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.
“There is so much uncertainty and it’s so brand
new, are you sure you’ve investigated all of the
risks and that you have a way of handling them
whatever they are?” he said, adding it’s important
the city can hold the outside party accountable
if needed.
In the contract City Coins signed with the
Miami, Stanley is listed as the point of contact