Cryptocurrency news

Cryptocurrency News: New York Mayor-elect promotes city-themed cryptocurrency

New York City Mayor-elect Eric Adams on Monday promoted a new cryptocurrency in his city’s colors that will launch on Wednesday, following through on his pledged commitment to digital currencies.

The former police officer said during the election campaign in June that under his leadership New York would be a transformed city within a year, notably becoming a “hub for bitcoin”, the main cryptocurrency.

Last Thursday, two days after his election, Adams announced that he would receive his first three bitcoin paychecks when he took office in early January, and vowed that New York would become “the center of the crypto industry. -cash”.

Former Brooklyn Ward president stayed on the post on Monday, welcoming NewYorkCityCoin or NYCCoin, a bitcoin-style cryptocurrency set to debut on Wednesday.

Versions of the “CityCoin” project have already been launched in Miami, Florida, and Austin, Texas, and aim to unite cryptocurrency players around a city to promote its technological development.

This is the so-called “mining” technique, which consists of verifying and validating transactions already carried out in an existing cryptocurrency. In exchange, the “miner” receives units of cryptocurrency, which are created for the occasion.

Initially, the goal will be to create NYCCoins, but they will not be immediately available to individuals or redeemable on platforms open to the general public.

The idea behind the project is to promote the development of a local community of entrepreneurs and services with the common denominator of NewYorkCityCoins, which can then be used in exchanges, as part of a loyalty program or to give access to certain sites or even physical spaces of the city.

Some 30 percent of the value created during the “mining” goes into an account reserved for New York City and which it can use at its discretion.

“We rely on technology and innovation to move our city forward,” Adams tweeted Monday.

While New York is recognized as the capital of global finance, it is not yet considered a hotspot in the world of cryptocurrencies or blockchain, the technology on which currencies are built.

Miami, which already has its own MiamiCoin, has a head start on this front and hosts an annual show that is considered the largest for the industry in the United States.

Miami Republican Mayor Francis Suarez also beat Adams to the fist by stating that he would receive his next salary in Bitcoin hours before Adams made his own announcement.

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