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The New York Mayor-elect, Eric Adams, has a pro-crypto stance. According to recent reports, Eric Adams has a few crypto plans for New York, which include introducing cryptocurrency studies in school curricula and launching an NYCCoin.
The NYCCoin will not be the first city-focused crypto coin in the USA, considering there is a MiamiCoin for Miami City.
It has now been reported that the community-led proposal to launch the NYCCoin has been approved by Eric Adams and is set to launch this week on 11th November.
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What to Know About the NYCCoin?
Eric Adams is a democrat, who was elected as Mayor of New York City on 2nd November. He will take control of the responsibilities and duties at the start of 2022.
He has been a strong advocate of crypto and will be accepting his first three paychecks in Bitcoin. Regarding his plans to introduce cryptocurrency studies, he recently stated:
“We must open our schools to teach the technology, to teach this new way of thinking,”
Adams also recently stated that he wanted to launch a crypto coin for New York City and make it the hub for crypto. The New York-focused digital currency is now being launched soon by CityCoins. This project makes use of Stacks Protocol, which is built on top of the Bitcoin blockchain. CityCoins is the firm that also launched the MiamiCoin and announced the launch of NYCCoin through a tweet yesterday.
Eric Adams, the New York Mayor-elect replied to CityCoins’ tweet and posted:
Despite the positive stance of Eric Adams on social media, the NYCCoin is yet to officially partner with the government of New York.
If New York partners with CityCoins, the city will have access to 30% of all NYCCoin mining rewards in the reserve wallet and use the funds to support whatever it wants.
According to reports, the MiamiCoin funds will be used to fund underprivileged communities, crypto education and programs that help reduce climate change and the same can be done with NYCCoin.
Could this Affect the Flagship Cryptocurrency?
Coins such as MiamiCoin and NYCCoin are digital currencies that allow people to support their favorite cities while earning profit in Bitcoin. CityCoins is the firm that makes it happen.
However, the launch of city-focused cryptocurrencies is not likely to affect the flagship cryptocurrency or the top altcoin. The funds generated by these coins and where they are used by the cities is something interesting and will be seen with time.
- Bitcoin is currently trading at $66,742 (at the time of writing)
- Ethereum is currently trading at $4,744 (at the time of writing)
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