By 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.

READ MORE: 'Crash Could Have Been Prevented,' Father Who Lost Daughter To Driver Who Ran Red Light

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

READ MORE: FDA Advisers Endorse Pfizer Booster Shots For Elderly And High-Risk Americans

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.

MORE NEWS: Police Believe Fiancé Of Missing SW Florida Woman Gabby Petito Is Withholding Critical Information

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