New York City to Launch Its Own Cryptocurrency This Week

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2021-11-10 08:42:07

New York coin (NYCCoin) will launch on November 11 with a community-led proposal endorsed by New York City Mayor-elect Eric Adams.

New York City to Launch Its Own Cryptocurrency This Week

According to initial information, the New York-focused cryptocurrency will likely be issued by CityCoins, the organization that supported the launch of MiamiCoin (MIAMI). NYCCoin is built on top of the Bitcoin blockchain to enable smart contracts.

CityCoins made an announcement on November 9 that they have enabled NYCCoin mining this week after Adams shared he wanted “CityCoin for New York” as was the case with the city of Miami. Adams continued to boost his support today with a follow-up tweet.

“We are delighted to welcome you to the global home of Web3! I am counting on technology and innovation to help propel our city forward.”

Eric Adams was elected Mayor of New York on Nov. 2. The 61-year-old Democrat is a staunch crypto advocate claiming to receive his first three salaries in Bitcoin (BTC) and promote that crypto education should be integrated teaching in local schools.

In Miami, city commissioners voted to accept Miami Coin (MIAMI), however CityCoins noted that they have not yet officially partnered with New York authorities despite being confirmed by Adams in the media. social media.

If New York agrees to partner with CityCoins, the city will gain access to a curated reserve wallet containing 30% of all NYCCoin mining rewards. Funds may be used to support any initiative the city deems appropriate.

NYCCoin users can mine coins by forwarding Stacks tokens (STX) to smart contracts on Stacks and receive new CityCoins released in the future, with 70% of the mining rewards going to those who use it. stake their CityCoin coin.

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