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The Mayor of the Metropolis of Miami stormed ahead with transferring his metropolis’s funds into the scam-ridden blockchain. Because the Mayor’s endorsement, this ‘CityCoin’ has misplaced 95% of its worth.
Bienvenidos a Miami!
However solely Miami’s mayor has thrown his full endorsement behind a CityCoin-branded cryptocurrency to date. After selling MiamiCoin to residents and buyers since its launch in August, the town of Miami obtained tens of millions of {dollars} via its settlement with CityCoins.
Over the past 9 months, nonetheless, MiamiCoin has misplaced almost all of its worth, falling about 95% from its September peak to only $0.0032 as of Might 13. Its fast descent has burned buyers on the best way down, muting the goals of Miami’s metropolis leaders, and presumably elevating purple flags for regulators now investigating cryptocurrency transactions.
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