New York will get its own cryptocurrency

A new token will be launched in New York soon. Eric Adams, elected mayor of New York, plans to turn his city into the cryptocurrency hub of the country.

CityCoins has announced that NYCCoin will become the second city token in the USA. The first city cryptocurrency was launched in Miami last August.

CityCoins’ innovative project allows residents to invest in their city through the purchase of tokens. New York’s tokens can be mined by any user who wants to support the city. The Stacks protocol created by CityCoins is used for mining.

City tokens are programmable tokens that serve as an additional source of income for the city through residents’ mining. Users who have installed a special application receive a reward for each token they get. 70% of the reward is obtained by the miner, and 30% is transferred to a special wallet of the city. Representatives of the company claim that the city authorities can access the funds at any time.

During the interview, Patrick Stanley, the leader of the CityCoins community, said that Austin, Texas, was a contender to receive its own cryptocurrency. However, in the end, the community has chosen New York. Stanley noted that the mayor of New York supported the company with the post on Twitter after its successful project in Miami. Since the launch, MiamiCoin has already earned more than $ 21 million to the budget of its city.

Stanley also said that New York and Miami have not entered into an official partnership with CityCoins. However, the city must confirm its participation in the project and connect to the wallet where the funds will be stored. The city authorities can convert those funds into US dollars at any time.

The CityCoins community intends to continue the development of its project and create cryptocurrencies for many cities around the world in the coming years.

During his acceptance speech, Eric Adams expressed his admiration for cryptocurrencies, and also wished to follow the lead of Miami Mayor Francis Suarez and receive his first few salaries in bitcoins.

A recent survey conducted in the United States showed that some Americans were able to quit low-paid jobs thanks to crypto investments.