New York City Gets Its Own Cryptocurrency, NYCCoin Minting Likely to start This Wednesday

By Bhushan Akolkar
Published November 9, 2021 Updated November 9, 2021
Best Buy In

Exchanges

Wallet

New York City Gets Its Own Cryptocurrency, NYCCoin Minting Likely to start This Wednesday

By Bhushan Akolkar
Published November 9, 2021 Updated November 9, 2021

New York City’s mayor-elect Eric Adams is taking fast and bold measures in turning around the place as a new crypto hub. Looks like the incoming mayor of NYC is getting his actions in line and planning to bring a dedicated city-based token NYCCoin.

Last week, New York City mayor-elect Eric Adams entered into a healthy competition with Miami Mayor Francis Suarez. Adams praised Miami’s approach towards crypto and its efforts into launching the MiamiCoin.

Working on similar lines, the NYC mayor plans to launch their native cryptocurrency NYCCoin. CityCoins, which works on the Stacks protocol has decided to develop the token. CityCoins has previously worked with the city of Miami in launching its native crypto.

The successful launch has also helped the city to generate $10 million in revenue for Miami City. Speaking to Bloomberg, Patrick Stanley, a CityCoins community lead, said:

“We voted on what city should be next”. After Mayor Adams spoke last week, “the community to decided to activate New York.”

The mining for NYCCoin will kick off starting Wednesday, November 10. Stanley said: “Every 10 minutes the city earns money for the sheer fact that NYCCoin exists. The wallet will get filled with Stacks and they can spend the Stacks or the yield the Stacks generate”. Mayor-Elect Eric Adams also welcomed this latest move and their entry to Web 3.0.

NYC Mayor to Accept First Three Paychecks in Bitcoin (BTC)

Last week, Eric Admas took the crypto world by storm with his pro-crypto moves. Adams joined the list of politicians showing his willingness to accept his paychecks in Bitcoin (BTC). It first started with Miami mayor Francis Suarez who declared accepting his next paycheck 100% in Bitcoin.

Going further and beyond, NYC mayor-elect Eric Adams announced that he will accept the next three paychecks in Bitcoin. Besides, he also promised to make the city a crypto hub creating job opportunities in this flourishing industry. In his interview with Bloomberg, Adams said:

I’m going to promise you in one year, you’re going to see a different city. We’re going to bring businesses here. We’re going to become the center of life science, the center of cybersecurity, the center of self-driving cars and drones, the center of bitcoins, the center of all the technology.

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
884 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.