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New York coin launching this week with Mayor-elect Eric Adams’ blessing

November 10, 2021No Comments


The NYCCoin is scheduled to launch on November 11 with the community-led proposal endorsed by New York City Mayor-elect Eric Adams.

CityCoins, the same company that offers MiamiCoin, is launching the New York-centric cryptocurrency. The project uses the Stacks protocol built on top of the Bitcoin blockchain to enable smart contracts and issue its coins.

CityCoins tweeted on November 9 that it was activating NYCCoin mining this week after Adams. set on November 4 he wanted to have a "CityCoin for NYC" as in the case of the city of Miami.

Adams followed up on that earlier today by posting that “we are pleased to welcome you to the global home of Web3! We have technology and innovation to help boost our city ”.

Adams was elected mayor of New York on November 2 and will take the reins in early 2022. The 61-year-old Democrat is a strong proponent of crypto and has vowed to take his first three paychecks in Bitcoin (BTC) and has Crypto Education Lawyer to be taught in local schools.

"We must open our schools to teach technology, to teach this new way of thinking," Adams said on CNN's State of the Union on November 7.

In Miami, city commissioners voted to accept funds generated by Miami Coin, however, CityCoins notes that it has not yet officially partnered with the New York government despite Adams' endorsement on social media.

“CityCoins like NYCCoin are grassroots initiatives. As communities grow around CityCoins, they can encourage their mayor to claim the reserved wallet of the city's treasury and start using their funds, ”the website reads.

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If New York City agrees to partner with CityCoins, you will have access to a guarded reserve wallet containing 30% of all NYCCoin mining rewards. The funds can be used to support any initiative the City deems appropriate. Francis Suárez, Mayor of Miami have set Funds from the coin will go towards crypto education, financing disadvantaged communities, and programs to mitigate the risks of climate change.

NYCCoin users can mine the coin by sending Stacks (STX) tokens to the smart contract in Stacks and receive new CityCoin tokens, with 70% of the mining rewards for users blocking and "stacking" or betting their CityCoins.