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New York Mayor-elect Eric Adams Endorses NYCCoin Launch

Published 11/10/2021, 05:11 AM
Updated 11/10/2021, 05:30 AM
New York Mayor-elect Eric Adams Endorses NYCCoin Launch
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  • NYC Mayor-elect Eric Adams shows support for NYCCoins.
  • Adams vows to have his first three paychecks in BTC.
  • Adams advocates for Crypto Education in local schools.

New York is about to get its native cryptocurrency as Mayor-elect Eric Adams approves of this community-led proposal. The mining for NYCcoin will commence on November 10 at around 3:00 PM ET.

CityCoins took on the role of developing the token. It is the same company that previously worked with Miami when it launched its coin. According to them, “this project adopts the Stacks Protocol built atop the Bitcoin blockchain to enable smart contracts and issue its coins.”

On November 4, Adams, who is also a crypto enthusiast expressed his desire of having a CityCoin for NYC. This is also after he commended Miami’s efforts in launching the MiamiCoin. And after five days, CityCoin announced the start of the NYCCoin mining this week.

Adams then responded via tweet, with a warm welcome:

Eric Adams, who was elected as the next NYC Mayor last November 2, will formally hold office at the beginning of 2022. Early into his win, Adams took the crypto world by surprise as he joined the list of politicians willing to accept their paychecks in Bitcoin (BTC).

Furthermore, he openly advocated for the incorporation of crypto education into the local school curriculum in an interview with CNN. Adam said,

We must open our schools to teach the technology, to teach this new way of thinking

Miami is one step ahead as its city commissioners have already voted to accept funds coming from Miami Coin. Meanwhile, CityCoins discloses that despite having Adams approval on social media, it is yet to officially partner with the NY government.

If the partnership happens, NYC will have access to a reserve wallet that contains 30% of all NYCCoin mining rewards. These resources can be allocated to whatever programs the City sees fit.

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