New York City to launch its own token, called NYCCoin (NYC)

New York to launch its native token, NYCCoin (NYC)

Big Apple to become the most crypto-friendly city in the world? One can easily ask oneself given the recent decisions taken by the new mayor of the city, Eric Adams.

Like the mayor of Miami, the city councilor of New York indeed wants the growth of Bitcoin (BTC) and cryptocurrencies to be promoted in his city. In addition, he announced to receive his first three salaries in BTC.

Eric Adams even went further by proposing that digital assets be taught in New York schools. We will therefore not be surprised to learn that the mayor of New York wants to launch a native token for his city, the NYCCoin (NYC).

It’s official: CityCoins are coming to the Big Apple 🍎

Last week, NYC’s Mayor-elect @ericadamsfornyc said that he wants to have a CityCoin for NYC like Miami’s.

This week the CityCoins community is responding by activating NYCCoin mining! Https: //t.co/F07myLEyjF

– CityCoins (@mineCityCoins) November 8, 2021

👉 On the same topic – The mayor of Miami will receive his next salary in Bitcoin (BTC)

What will NYCCoin (NYC) be used for in New York City?

With this daring initiative, it is now certain that Eric Adams wants his city to follow in Miami’s footsteps. The city of Florida has indeed become a new El Dorado for crypto-assets since the election of a new mayor, Francis Suarez.

Thus, NYCCoin will function like MiamiCoin, which has recently been able to attract institutional investors. It will allow the townspeople to buy or mine the native token.

The funds collected will then go to the city’s budget, which can use them as it sees fit to finance local projects.

The general idea is that these funds will make it possible to finance the construction or improvement of the infrastructure of the towns concerned by this type of initiative.

The benefit will also be for investors. The latter are in fact rewarded in BTC or in Stacks, an independent protocol using the infrastructure of the Bitcoin blockchain.

👉 On the same subject – CityCoins launches a cryptocurrency for the city of Miami: the MiamiCoin

What future for New York’s native token, NYCCoin (NYC)?

NYCCoin mining will officially launch this Wednesday, November 10. It will then be available on exchange platforms, without knowing which ones currently.

The project behind these native tokens of cities is called CityCoins. It is an initiative that is all about experimentation. At present, it is impossible to know if this will actually generate income for the metropolises concerned.

What is certain, however, is that the desire to have a native token is increasing. Once again, the United States is way ahead of European and even more French cities. We are indeed far from imagining the same thing in Paris …

👉 To read – CityCoins launches a cryptocurrency for the city of Miami: the MiamiCoin

Newsletter 🍞

Receive a recap of crypto news every Sunday 👌 And that’s it.

What to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliate. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused as a result of the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and invest only within the limits of their financial capacity. This article does not constitute investment advice.

About the author: Benjamin Allouch

twitter-soothsayerdata

Formerly a lawyer specializing in personal data and digital law, I quickly became interested in Bitcoin, blockchain technology and their legal implications. Today, I am an independent consultant and writer in the field of cryptocurrencies and blockchain.
All articles by Benjamin Allouch.

Back to top button