New York City Mayor-elect Eric Adams has welcomed the launch of the city’s first cryptocurrency, NewYorkCityCoin (NYCCoin).
CityCoins announced the activation of NYCCoin mining following a tweet from Adams saying he wanted New York to have its own digital currency like Miami.
MiamiCoin (MIA) was launched by the crypto development firm in August. It generated $4.3 million within the first 40 days of its rollout.
We’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward. https://t.co/SY9pv1Ebct
— Eric Adams (@ericadamsfornyc) November 8, 2021
NYCCoin is powered by CityCoins, a project running on the Stacks Protocol, which enables smart contracts on the Bitcoin network. CityCoins says that people who want to support New York City and help grow its crypto treasury can purchase, mine, and stake the tokens, earning Stacks (STX) and Bitcoin (BTC) in the process.
“NYCCoin is also programmable, enabling builders to improve the city from their keyboard by using NYCCoin to build web3 apps, mint NFTs [non-fungible tokens], or otherwise improve the city’s digital infrastructure.”
The rollout of the digital coin comes as Adams, who will be sworn in as mayor on January 1st, pushes to make New York City the center of the cryptocurrency industry.
Adams also said that he will take his first three checks in Bitcoin after crypto veteran Anthony Pompliano asked on Twitter who would be the first American politician to accept a paycheck in BTC.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
