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Should the city proceed, a Philadelphia-based coin could become tradable in crypto markets worldwide and provide some passive revenue back to the city, but experts The City of Philadelphia is ceasing the adoption of CityCoin, a philanthropic cryptocurrency that municipalities can use to finance local programs, Billy Penn reports. Monté sur la blockchain Stacks (STX) – une sidechain de Bitcoin (BTC) -, le projet CityCoins veut aider les administrations municipales à créer leur propre cryptomonnaie Philly is considering minting its own branded cryptocurrency as a way to help cover municipal expenses. Mayor Jim Kenney has given his staff the go-ahead to start Philadelphia Chief Information Officer Mark Wheeler announced Monday that “Philly is ready” for CityCoins, which creates niche cryptocurrencies for cities it deems to be Philly emerged as the fourth city to embrace crypto. This could mean that an array of other cities could be in line to do the same. Cryptocurrencies seemed to be the latest Philly’s chief information officer and apparent Bitcoin supporter Mark Wheeler said that “Philly is ready” to begin working with CityCoins in a Tuesday tweet. Known as the city of Brotherly Love, Philadelphia is actively looking forward to developing a native cryptocurrency for the city in partnership with CityCoins. Thriving as a The City of Miami recently began dabbling in CityCoin, a nonprofit and open-source protocol for trading cryptocurrency that’s netted the city almost $25 million. City of

Philadelphia Embraces CityCoins: Will the Crypto Bug Takeover the US?

Is Philadelphia on the verge of a crypto revolution? Known as the city of Brotherly Love, Philadelphia is actively looking forward to developing a native cryptocurrency for the city in partnership with CityCoins. Philly emerged as the fourth city to embrace crypto, following in the footsteps of Miami. This could mean that an array of other cities could be in line to do the same, raising the question: will the crypto bug takeover the US?

What are CityCoins and Why is Philadelphia Interested?

The City of Miami recently began dabbling in CityCoin, a nonprofit and open-source protocol for trading cryptocurrency that’s netted the city almost $25 million. Now, Philly is considering minting its own branded cryptocurrency as a way to help cover municipal expenses. Monté sur la blockchain Stacks (STX) – une sidechain de Bitcoin (BTC) -, le projet CityCoins veut aider les administrations municipales à créer leur propre cryptomonnaie. Philadelphia Chief Information Officer Mark Wheeler announced Monday that “Philly is ready” for CityCoins, which creates niche cryptocurrencies for cities it deems to be.

Philly’s chief information officer and apparent Bitcoin supporter Mark Wheeler said that “Philly is ready” to begin working with CityCoins in a Tuesday tweet. Mayor Jim Kenney has given his staff the go-ahead to start exploring the possibilities.

Potential Benefits and Risks for Philadelphia

Should the city proceed, a Philadelphia-based coin could become tradable in crypto markets worldwide and provide some passive revenue back to the city, but experts raise concerns about volatility and regulation. The potential for generating revenue for local programs is a significant draw. Thriving as a forward-thinking city is also appealing to Philadelphia leaders.

Update: Philadelphia Ceases CityCoin Adoption

However, recent reports indicate a change of course. The City of Philadelphia is ceasing the adoption of CityCoin, a philanthropic cryptocurrency that municipalities can use to finance local programs, Billy Penn reports. The future of PhillyCoin and the overall CityCoins initiative remains uncertain.

Cryptocurrencies seemed to be the latest trend, but the future remains to be seen. Will other cities continue to explore this avenue, or will Philadelphia's decision serve as a cautionary tale?

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