NYC to Mine its Own Token, Following Backing From Mayor-Elect Adams
The New York City Mayor-elect’s backing towards a pro-crypto future has pushed forward the development of a token for the city after he engaged in friendly online banter with the Miami mayor over Bitcoin. Reportedly, Adams's ambition- NYCCoin, the token mining is expected to kick off on Wednesday.
“He has a MiamiCoin that is doing very well - we’re going to look in the direction to carry that out,” Adams said in an interview on Bloomberg Radio. He vowed to “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”
CityCoins, which works on the Stacks protocol, has initiated the plan to introduce NYCCoin following a community-led crypto project to create a dedicated city-based token. CityCoins will also include taking paychecks in the largest cryptocurrency by market value.
Last week, Eric Adams - who promised to take his first three paychecks in Bitcoins - entered into a healthy competition with Miami Mayor Francis Suarez and announced his plans to work on a native cryptocurrency NYCCoin by taking inspiration from Miami’s MiamiCoin.
NYCCoin will be similar to MiamiCoin, which was launched by CityCoin in August and became the first municipality in the United States. The tokens accept cryptocurrency contributions through CityCoins, a nonprofit and open-source protocol that allows people to hold and trade cryptocurrency.
According to Bloomberg, Patrick Stanley, a CityCoins community lead, said that NYCCoin mining is expected to kick off Wednesday, after which the city’s wallet stands to get fatter.
According to data from CityCoins, MiamiCoin has earned the city over $21 million. Outsiders can send STX tokens to “mine” MiamiCoin, and a percentage goes to the city’s designated crypto wallet.
Adams, an ex-Police Captain and Democratic party candidate, has vowed to build a crypto-friendly city when he takes office in January. He won the New York City Mayoral race by gaping his closest competitor Curtis Sliwa after garnering 67% of the total votes.
Since he campaigned for NYC Mayor, Adams - the second elected black Mayor of New York City - has been vocal about his visions on making the city the next crypto hub to watch after Miami.
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