After experiencing a nasty fall in price valuation, investors of MiamiCoin are concerned about the future of the cryptocurrency.
MaimiCoin drops Massively
Regarding the latest reports, MiamiCoin which was firstly introduced by the mayor of the city of Miami, Francis Suarez in the USA to assist local citizens in gaining easier access to the cryptocurrency space, has now experienced a highly major drop in price valuation, plummeting by a massive percentage exceeding 90%. As a result, not only are users worried about the future of this crypto, but the coin itself has also led to issues regarding regulations for the crypto in operation.
Developed by CityCoins, the launch of the cryptocurrency in the city saw an impressive amount of support not only from the public, but the mayor was also heavily involved in its uprising, supporting, and promoting the cryptocurrency on several events in the city. However, this support from the mayor is speculated to lead to regulation issues in the coming time.
Major Francis’s Struggle towards Cryptocurrencies
A source managed to acquire some email conversations between the mayor and the CityCoin firm, indicating the potential issues with regulations. One of the emails mentioned urging CityCoin to educate Mayor Francis on how to portray the project and defend himself.
The email specifically mentioned that the mayor has made some mistakes regarding regulatory understandings in recent interviews, and it is vital that the mayor should have better knowledge about the project to help keep it sustained for the coming times. Mayor Francis has been trying to be a crypto star in the community, as his efforts to support the space continuous.
Mayor Francis stated in a recent interview that the people of America would love a candidate that thinks about the next generation, highlighting that He is looking to secure a position in the top-level political position. With his ongoing support to the crypto space, there is no doubt that he could become a ‘next generation’ candidate, as Miami continuous to become a technological hub.
Looking at other cities, the support for local city cryptocurrencies hasn’t hit the brains of the majority just yet. CityCoins has also been working in the New York City Coin, however the project is barely mentioned by Mayor Eric Adams, highlighting that the level of interest isn’t well established in the city region just yet.