Philadelphia may become the latest United States city to be Bitcoin-friendly following a statement from its mayor, Jim Kennedy, that the city should explore a partnership with CityCoins.
Announcing the development Monday, Mark Wheeler, Philadelphia’s Chief Information Officer, disclosed that Philly is ready for CityCoins, indicating the city’s readiness to work on a series of initiatives with the firm that is overseen by cryptocurrency enthusiasts, developers, and experts.
According to Wheeler, he was directed by Mayor Kennedy to commence a vetting process in preparation for the CityCoin partnership.
While it is expected that the Philadelphia legal department would also make their contributions, Wheeler disclosed that the city will review the “gift agreement” Miami signed with CitCoins before proceeding with a partnership.
Although mayor Kennedy’s letter to StateScoop noted that Philadelphia is still in its early phase of determining how it could benefit from cryptocurrencies, he added that:
“[He is] enthusiastic about the potential of donations from a CityCoins program to target pressing problems in the city.”
Wheeler added:
“CityCoins is an innovative form of fundraising and a means for people from all over the world who love Philadelphia to be able to contribute and support initiatives that do a lot good,”
CityCoins Generating Revenue for Cities
Powered by Stacks (STX), CityCoin gives people the opportunity to earn cryptocurrency-based revenue. The organization activates city coins like MiamiCoin, NYCCoin, and AustinCoin on its platform, allowing residents within that city to mine it from their computer.
At least 30% of the mined token’s value is deposited into a digital wallet that can be used within the city, while the other 70% goes to stackers.
Despite supporting coins from different cities on the platform, only Miami has officially entered into a partnership with CityCoins.
Philadelphia is optimistic that it will become the next city to finalize a partnership with the crypto startup.
Suggesting a possible deal with CityCoins, Wheeler said several meetings have been held with top Philadelphia officials about collaborating with the cryptocurrency startup.
“We’ve had three or four conversations internally, and I finally had one with the mayor where he was very enthusiastic and thought it was a good idea,” Wheeler added.
Finally, Wheeler said that Kenny gave him the go-ahead to begin a formal due diligence process before entering into a partnership with CityCoins, which would likely require the involvement of the Philadelphia legal department, as well as a review of any Pennsylvania laws governing dealings with crypto entities.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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