As the city’s mayor-elect, Eric Adams, isn’t one to waste time in competing with Miami for the title of US crypto hub, the city will soon have its own municipal coin. NYCCoin will be the next token to launch, with mining set to begin at 3 p.m. EST on Wednesday (approximately 1:30 a.m. IST on Thursday), making it the second city token to do so after Miami Coin. City tokens are cryptocurrency-based enterprises that allow users to buy tokens to invest in a city.
What are city tokens, and how do you get them?
CityCoins’ city tokens are programmable tokens that serve as an extra revenue stream for local governments by allowing locals to mine them. The people who run the software get a cut of the coins they create. NYCCoin is a cryptocurrency that was created in New York City “A third of the money will go to the city’s wallet. New York City has the right to collect the funds in the wallet at any time “CityCoins asserts.
While Austin, Texas was a candidate, the community ultimately chose New York, bolstered by the mayor-pro-crypto elect’s stance, according to Patrick Stanley, a CityCoins community lead.
Anyone who wishes to support New York City while earning cryptocurrency can mine or buy NYCCoin using the Stacks protocol. The municipal currency is also programmable, which means that developers may use NYCCoin to construct Web 3.0 apps, mint NFTs, and generally upgrade the city’s digital infrastructure right from their keyboard. Eric Adams retweeted CityCoins’ statement, welcome enthusiasts to what he’s already calling the “global home of Web 3.”
Adams, who was elected on November 2, stated his appreciation for cryptocurrencies during his acceptance speech and even followed Miami mayor Francis Suarez’s lead in receiving his first few paychecks in Bitcoin. He promised to turn New York into a crypto powerhouse, producing jobs in the booming industry.
In a recent interview, the mayor-elect also discussed how schools could teach students about blockchain technology and digital assets.