NYC Coin: Will New York City Become The Biggest Crypto Hub in The World?
New York City is set to copy Miami City as NYC Coin is set to be launched soon. The NYC Coin will become one of the first projects that the Mayor-Elect of New York City, Eric Adams, will undertake with his administration. Adams is backing NYC to begin mining its native coin soon.
What Happened?
Adams had engaged in an online discussion with the mayor of Miami City, Francis Suarez. The discussion centered on cryptocurrencies and the native MicamiCoin which Mayor Suarez had introduced in August. Adams, in light banter, engaged Suarez about the creation of a utility coin for NYC. Afterward, Adams, in an interview with Bloomberg, said that his administration would work on creating a coin for NYC and would also find out why the growth of Bitcoin and cryptocurrency is slow in NYC.
Adams is known for his pro-crypto stance. He made headlines a few days ago when he publicly announced that he would receive his first three salaries in Bitcoin. Three days ago, he also said that his administration would work towards encouraging merchants in NYC to start accepting cryptocurrencies as payment. In the same interview, he mentioned that he would love crypto education to be added to the curriculum in NYC schools.
Adams has also said that his administration will work towards making NYC a conducive place for the crypto industry to thrive and drive the new economy. He argued that cryptocurrencies will give the younger generation leverage in the modern world.
In line with these, NYCCoin mining will begin on Wednesday, 10th November 2021. It will be a city-based project that will open the door to early investors who wish to have a stake in the NYCCoin before its public launch.
NYCCoin runs on STACKS, a protocol on which the MIAMICoin is built. Both the NYCCoin and MIAMICoin are community-led projects that are aimed at providing a native utility coin for both Cities to carry out projects and raise additional revenue for them. NYCCoin will be a dedicated city coin for everyone, while workers will have the option to receive their salaries in cryptocurrencies.
NYC Will Benefit From Blockchain and Cryptocurrencies
Mayor-elect Adams has been vocal in his plans to support the growth of Bitcoin and the crypto industry in NYC. As a firm believer in the power of decentralized financial protocols, Adams believes that crypto technology can be harnessed to improve NYC’s economic power and drive growth and development across every sector.
He may not be far from the truth, considering the successes of MIAMICoin barely four months after it was launched in August 2021. Two weeks after it was launched, Mayor Suarez announced that Miami City had earned over $10 million from the Miami Coin, an open protocol through which investors could access the MIAMICoin. Judging by this, NYCCoin might be one of the greatest projects to be launched by NYC and will become a key part of its future as the crypto industry advances.
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