When it comes to governments adopting cryptocurrencies, the list is super short. El Salvador is the one in the world that has adopted it as legal tender, and they still haven’t backed down from it. It hasn’t been going too well at all due to a lack of proper infrastructure to implement this, but El Salvador’s president has said that at least 3 more countries are planning to join his country, which we can’t confirm. When it comes to local governments, we have a name that is bigger than El Salvador in the world, and that is the great city of Miami, Florida.
Last year, Miami introduced a non-profit run municipal coin called “MiamiCoin,” which can help fund the city with extra revenue. According to the city, they have received $5.25 million in revenue from the launch of the crypto, which was used to help low-income families with rent subsidies. The city clearly benefited from this, but its buyers didn’t as the value of the token has fallen by 50 percent since launch. Experts believe that the coins are helpful for the cities, but not for the citizens themselves. Patrick Stanley, one of the major developers of CityCoins, says that you aren’t going to make a quick buck with them unlike other tokens, and it looks like the viability of this could be going out of the window. This is still in the baby stages, which means there is a lot of improvement that will be made, and your city might get its own municipal coin soon!
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.