By CBSMiami.com Team

MIAMI (CBSMiami) – Miami Mayor Frances Suarez is making a major announcement regarding cryptocurrency.

He’s unveiling, “Miami Coin,” the city’s newest cryptocurrency initiative.

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“This coin will help the city focus on ‘differentiating our economy,'” said Suarez.

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So, how does the city benefit from this?

Suarez says whenever “Miami coin” is mined, the city will get 30 percent, which will go right into the city’s general fund.

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The mayor is claiming the Magic City has now become “The bitcoin capital of the world.”

CBSMiami.com Team