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New York’s new mayor Eric Adams reaffirmed his commitment to digital currencies on Monday, promoting the launch of a local cryptocurrency.
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New York Mayor-elect Eric Adams on Monday promoted a new cryptocurrency in the colors of his city which is due to launch on Wednesday, giving a new pledge of its commitment to digital currencies.
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The former police officer said in June that under his leadership, New York would be transformed in a year. He said in particular that he wanted to make it a “bitcoin center”, named after the star cryptocurrency.
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Versions of this local cryptocurrency project have already been launched in Miami (Florida) and Austin (Texas).
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Last Thursday, two days after his election, Eric Adams announced thathe would receive his first three salaries in bitcoins after taking office – in early January – and affirmed that New York would become “the center of the cryptocurrency industry”.
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He stayed in tune on Monday, welcoming the NewYorkCityCoin (or NYCCoin), a cryptocurrency using bitcoin technology set to debut on Wednesday.
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Not immediately accessible to individuals
The project, versions of which have already been launched at Miami (Florida) and Austin (Texas), aims to unite cryptocurrency players around a city to promote its technological development.
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He implies the technique known as “mining”, which consists of verifying and validating transactions already carried out in an existing cryptocurrency. In exchange, the “miner” receives cryptocurrency units, which are created for the occasion.
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The first step is to create NYCCoins, but these will not be not accessible to individuals, nor exchangeable on a general public cryptocurrency platform.
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Capital of finance, but not (yet) of cryptocurrencies
The idea is to promote the development of a local community of entrepreneurs and services with NewYorkCityCoins as a common denominator, which can be used later for exchanges, as part of a loyalty program or to give access to certain sites, or even physical spaces of the city.
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Some 30% of the value created during the “mining” will be paid into an account reserved for New York City and which it can use at its discretion.
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If New York is recognized as the capital of world finance, on the other hand, it is not considered to be one of the key points in the world of cryptocurrencies and blockchain, the technology on which they are built.
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