New York City is Getting Its Own Cryptocurrency
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New York City is Getting Its Own Cryptocurrency

2m
1 year ago

CityCoins says it's planning to expand to the Big Apple after a successful rollout in Miami... but how does it work?

New York City is Getting Its Own Cryptocurrency

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New York City is about to get its very own cryptocurrency.

CityCoins says it's planning to expand to the Big Apple after a successful rollout in Miami. 

Of course, this comes as Bitcoin-friendly Eric Adams prepares to become NYC's next mayor.

The new digital asset — known as NYCCoin — is going to be powered by Stacks, a protocol that enables smart contracts on the Bitcoin network.

Those who get involved in this cryptocurrency, either through mining or staking, end up keeping 70% of the reward. From here, the remaining 30% goes to the city itself, and the local government can decide how it should be spent.

Francis Suarez, Miami's mayor, has been a vocal supporter of this project, even telling The Washington Post:

"When you think about the possibility of being able to run a government without the citizens having to pay taxes. That's incredible."

Despite Suarez's enthusiasm, it is worth noting that CityCoins are still a fairly experimental project, meaning that revenues for local governments are by no means guaranteed.

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Other Cities in the Pipeline?

According to Bloomberg, CityCoins decided to activate its next project in New York City — directly because of Adams' pro-Bitcoin stance. 

Unfortunately, this was bad news for Austin in Texas, which ended up missing out on being next as a result.

Mining for NYCCoin is going to launch tomorrow, and Adams tweeted:

"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."

Adams has already stated that he plans to get his first three paychecks in Bitcoin — and even called for cryptocurrencies and blockchain to be taught in schools.

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