MIAMI (NewsNation Now) — The city of Miami is launching its own cryptocurrency in August, and city officials expect it to generate millions of dollars in revenue.

Miami Mayor Francis Suarez says they are now the Bitcoin capital of the world, and they are partnering with the company CityCoins to make their cryptocurrency, which will be known as MiamiCoin.

CityCoins is contracting with local governments to build up a treasury of their own version of coin, a new digital currency, in cities around the world. 

In Miami, 30% of the revenue from MiamiCoin will go to the city’s general fund, creating a continuous stream of revenue that can be put towards investments like infrastructure projects, city events, and recruiting startup companies. 

Cities can use incentives to local businesses and residents for using the coin over cash. 

The Miami-specific currency will be available for mining August 3.

In June, Suarez encouraged Bitcoin miners in China to move to Miami to avoid regulation.

He said the city could end up earning millions of dollars and differentiating its economy by fully embracing this technology. He said the money could also combat homelessness, and fund the police force.

San Francisco has also considered making its own coin.