In an interview with Bloomberg, newly elected NYC mayor, Eric Adams announced his plans to transform NYC into a crypto-friendly city. What can this mean for the future of New York around CityCoins and tokenomics?
Adams’ dream of a crypto-friendly city is already a reality in a few U.S States and cities are already involving crypto in their community.
What are CityCoins?
CityCoins is a grassroots initiative pushing cities into the future of crypto with their ecosystem. CityCoins are mined by forwarding Stacks tokens (STX) to CityCoins or bought in the exchange.
The Stacks blockchain works by making Bitcoin programmable. Programmers can build decentralized apps, NFTs, and smart contracts.
Seventy percent of forwarded STX can be used to earn BItcoin while 30% of the STX goes to the city’s crypto wallet. Block reward winners are selected randomly, weighted by total STX spent. It’s up to the cities official on how they wish to use their crypto treasury.
Set up your STX here.
Is MiamiCoin the future of a crypto-friendly city?
Tech enthusiast and Miami Mayor, Francis Suarez launched the first CityCoin to market with MiamiCoin. Miami is transforming itself into the crypto center of the U.S.
Recently many investors and tech entrepreneurs have relocated their headquarters from New York to Miami with Mayor Suarez consistently promoting Miami to be the new Silicon Valley. The crypto-friendly mayor may even be the first official to be paid in Bitcoin.
He’s not the only one taking in crypto. In an interview with Bloomberg, Suarez said Miami will move forward with paying public employees in Bitcoin.
The request was proposed in October that would also allow residents to pay for taxes and fees in bitcoin. Programs would also possibly be funded from crypto-friendly initiatives.
San Francisco to be the next frontier for CityCoins…
According to the CityCoin website, their next frontier is San Francisco, the stomping ground for tech industrials. San Francisco is not new in incorporating crypto tokenomics into its community.
Many San Francisco businesses are already accepting Bitcoin as a form of payment. This strategy pushes their residents to invest making a smoother transition to their own CityCoin.
Colorado always thought crypto-friendly cities were a wave
Senate Bill 086 was signed in Colorado in 2018. This Bill required many government departments to consider using blockchain. Using the encrypted blockchain strategy protects state records.
As one of the most populated cities in the U.S, New York is planning on stepping into the future of cryptocurrency and tokenomics.
New York already has the stock exchange which runs till close, however, the crypto market is 24/7, and in the city that never sleeps, the phrase “time is money” holds greater weight.