Incoming NYC Mayor Eric Adams Gives NewYorkCityCoin the Green Light; Expected to Launch this Thursday

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This Thursday, New York could be getting its own city token akin to Miami’s MiamiCoin, the NewYorkCityCoin, or NYCCoin, as part of the city’s incoming mayor, Eric Adams’, encompassing plans to turn NYC into a top crypto destination. This development came just two days after Adam’s proposed that cryptocurrencies should be incorporated into schools’ curricula.

As per the reports, NYC’s upcoming city coin is being launched by the same firm responsible for the aforementioned MiamiCoin, CityCoins. The project purportedly uses the Stacks protocol established within the Bitcoin blockchain to allow smart contracts and the minting of its coins. When mined or bought, the NYCCoin allocates 30% of its reward directly to the city’s treasury.

Putting it into perspective, Miami’s city coin has already amassed over $21.3 million through said allocation alone since its launch last August 2020. Miami Mayor Francis Suarez stated that the funds would be used for the city’s efforts to crypto education upscaling, climate change risk reduction programs, and extra funding for underprivileged communities. Where the funds accumulated by the NYCCoin would go, on the other hand, remains to be announced.

As promising as the concept of a New York City-focused token may look on paper, CityCoins is actually still pursuing the official approval of the NYC government despite its mayor-elect’s approval and subsequent project endorsement on social media.

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