Cryptocurrencies could be an integral part of New York City. The city’s elected mayor, Eric Adams, on Monday, November 8, promoted a new local cryptocurrency due to launch on Wednesday, further pledging his commitment to digital currencies. During his campaign, the former police officer said in June that under his leadership, New York would be transformed in a year. He said in particular that he wanted to make it a “bitcoin center”, named after the star cryptocurrency.
Last Thursday, two days after his election, Eric Adams announced that he would receive his first three salaries in bitcoin after taking office (early January) and claimed that New York would become “the center of the cryptocurrency industry” . On Monday, the former Brooklyn Ward President stayed in tune, welcoming NewYorkCityCoin or NYCCoin, a cryptocurrency that uses bitcoin technology and is due to debut on Wednesday. The project, versions of which have already been launched in Miami (Florida) and Austin (Texas), aims to unite cryptocurrency players around a city to promote its technological development.
It involves the technique known as “mining”, which consists of verifying and validating transactions already carried out in an existing cryptocurrency. In exchange, the “miner” receives cryptocurrency units, which are created for the occasion. The first step is to create NYCCoins, but these will not be accessible to individuals and not exchangeable on a general public cryptocurrency platform.
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Foster the development of a local community
The idea is to promote the development of a local community of entrepreneurs and services with the common denominator of NewYorkCityCoins, which can be used later for exchanges, as part of a loyalty program or to give access to certain sites or even physical spaces of the city. Some 30% of the value created during the “mining” will be paid into an account reserved for New York City and which it can use at its discretion. “We rely on technology and innovation to help propel our city forward,” Eric Adams tweeted Monday.
If New York is recognized as the capital of global finance, it is, on the other hand, not considered to be one of the hotspots of the world of cryptocurrencies and blockchain, the technology on which they are built. Miami, which already has its MiamiCoin, has taken a step ahead and organizes an annual show considered to be the most important in the United States. Hours before Eric Adams, the Republican Mayor of Miami, Francis Suarez, announced on November 2 that he would receive his next salary in bitcoins.
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