Andrew Yang wants to make New York City (NYC) a hub for Bitcoin if he is elected mayor of the city
Andrew Yang wants to make New York City a place cryptocurrency users would find attractive if he were elected mayor of the city. Yang is a long-term supporter of cryptocurrencies and has led a presidential campaign on this theme. He is now running for mayor of New York and plans to make the city a real hub for the Bitcoin.
The Democratic Party leader in the mayoral race made the statement while responding to a tweet by Meltem Demirors who complained about the difficulty for cryptocurrency companies to operate in New York due to high taxes in the city and Bitlicence taxes from the New York State Department of Financial Services (NYDFS ).
Yang responded that if he were elected mayor of NYC, he intends to make the city a hub for Bitcoin and other cryptocurrencies. Yang’s response sparked a wave of mixed comments, as some believe it is a campaign tactic, while others believe it is political suicide.
However, most of the comments ask Yang to use his powers, if elected, to take down Bitlicense to ensure the city becomes an open place for cryptocurrency companies. Demirors, CSO of CoinShares, told Yang that he would need to deal with the high state and Bitlicense taxes to turn the city into a true cryptocurrency hub.
Yang is currently the leader of the Democratic Party, with recent polls showing he is ahead of City Comptroller Scott Stringer and Brooklyn Area President Eric Adams. In 2019 it has indicated that the US Congress did not have the basic knowledge to put in place effective cryptocurrency legislation. The United States will therefore have to catch up with countries that have already adopted clear regulations.
Bitcoin’s performance has been good in recent weeks. The largest cryptocurrency on the market even briefly hit the $ 49,000 level a few hours ago, bringing its total market cap to $ 900 billion.
Its recent price increase could see BTC surpass the $ 50,000 level in the coming days or weeks, as demand from individuals and institutions for the cryptocurrency increases.
Translated by Carolane de Palmas
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