Philadelphia is Teaming with CityCoins to Target Urgent Problems in the City

Philadelphia is on the verge of following in the footsteps of Miami, Austin, and New York City by teaming with CityCoins to build crypto for the city of Brotherly Love. Mayor Jim Kenney of Philadelphia has welcomed the idea, told the government news site Statescoop that his office is ‘excited about the prospect of donations from a CityCoins program to target big 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. CityCoins is a software application on the Stacks (STX) blockchain that assists local administrations in creating their own coin. All the transactions on Stacks settle on 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. On February 1, Wheeler said in an interview that the city would start formally assessing CityCoins to ensure that any potential partnership they build together conforms with existing cryptocurrency rules. Wheeler addressed the environmental issue of adopting a program that uses 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 environmental damag...