Eric Adams – the mayor-elect of New York City – continues to push the region’s newfound crypto agenda and now says plans are underway to establish a new digital asset specific to the Big Apple.
New York Is Getting a Cryptocurrency All Its Own
While the currency is not stemming from Adams himself, it appears his enthusiasm for crypto is beginning to rub off on other individuals. Plans for the currency were first introduced by a company called City Coins, which works on the Stacks protocol. The idea for the asset was generated after Adams first began engaging in online banter with Mayor Francis Suarez of Miami. Suarez commented that Miami is the ultimate bitcoin haven and that he is looking to accept his paycheck in crypto.
However, Adams was quick to “retaliate,” claiming that Miami has had its day in the spotlight and that New York was now going to take over. He also stated that he was looking to accept his first three paychecks in bitcoin.
Patrick Stanley – a community leader with City Coins – explained in an interview:
We voted on what city should be next. The community decided to activate New York.
He also revealed that the only real competition New York was facing was Austin. However, given that City Coins has already established a cryptocurrency for Miami, the Big Apple seemed like the next obvious choice given that the two regions were now competing for crypto dominance.
Last August, City Coins unveiled its new coin for Miami residents. Known simply as Miami Coin, the asset has garnered approximately $21 million for the city. The coin operates on a unique mining system in which users can send STX tokens to mine the asset. While they earn funds for extracting new units from the Miami Coin blockchain, a small percentage of every block mined is moved into the city’s crypto wallet. Recently, STX was trading for around $2.30 per unit. The currency presently enjoys a market cap of approximately $2.9 billion.
Mining of NYC Coin is expected to begin this coming Wednesday. Like Miami Coin, the mining process will work to generate funds for both the miners and the city, which gets to keep a certain portion of each block that gets mined.
The City Gets Some Mining Revenue
Every ten minutes, the city earns money for the sheer fact that NYC Coin exists. The wallet will get filled with Stacks and they can spend the Stacks or the yield the Stacks generate.
Aside from pushing crypto trading and acceptance, Adams has also stated that he would like to see crypto and blockchain taught in New York City public schools. He believes digital currency is the way of the future, and he wants children prepared for the monetary changes they’re likely to face in the coming years.