Money for nothing: Cities’ crypto push draws fans, critics

By THALIA BEATY

NEW YORK (AP) — A small group of enthusiasts has an offer that it’s hoping U.S. cities can’t refuse – the prospect of millions in city funding just for embracing the group’s form of Bitcoin. Miami is the first municipality to strike a deal with the group City Coins in which it receives income from use of the group’s Miami Coin cryptocurrency. Several other cities have also expressed interest in their own eponymous cryptocurrencies. It sounds like a no-lose proposition, but cryptocurrency prices are volatile, and partnering with them could expose cities to risks such as money laundering while enriching the coins’ early backers, whose identities are unknown.