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Brian Quarmby
20 hours ago


NEWYORKCITYCOIN LAUNCHING THIS WEEK WITH MAYOR-ELECT ERIC ADAMS’ BLESSING

“We’re glad to welcome you to the global home of Web3!” said crypto-friendly
Mayor-elect Eric Adams in response to CityCoins’ roll out of NYCCoin this week.

10411 Total views
77 Total shares
Listen to article
2:38

News
 * 
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 * 
 * 
 * 
 * 
 * 
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NewYorkCityCoin (NYCCoin) is set to launch on Thursday, with the community-led
proposal endorsed by New York City Mayor-elect Eric Adams.

The New York-focused cryptocurrency is being launched by CityCoins, the same
firm that launched MiamiCoin (MIA). The project utilizes the Stacks protocol
built atop the Bitcoin (BTC) blockchain to enable smart contracts and issue its
coins.

CityCoins tweeted on Tuesday that it was activating NYCCoin mining this week
after Adams stated last week on Thursday that he wanted to have a “CityCoin for
NYC” like in the case of Miami.

Adams followed that up on Monday by posting that “We’re glad to welcome you to
the global home of Web3! We’re counting on tech and innovation to help drive our
city forward.”



Adams was elected as New York City’s mayor on Nov. 2 and will take the reins at
the start of 2022. The 61-year-old is a strong crypto proponent and has vowed to
take his first three paychecks in Bitcoin and has advocated for crypto education
to be taught in local schools.

“We must open our schools to teach the technology, to teach this new way of
thinking,” Adams said on CNN’s State of the Union on Sunday.

In Miami, the city’s commissioners voted to accept funds generated from
MiamiCoin. However, CityCoins noted that it has yet to officially partner with
New York's government despite the social media endorsement from Adams.

“CityCoins like NYCCoin are grassroots initiatives. As communities grow around
CityCoins, they can encourage their mayor to claim the reserved city treasury
wallet and begin putting its funds to use,“ the website reads.

Related: Law Decoded: Which currency is the paycheck of your city’s mayor in?
Nov. 1–7

If the City of New York agrees to partner with CityCoins, it will have access to
a custodied reserve wallet that holds 30% of all NYCCoin mining rewards. The
funds can be used to support whatever initiatives the city deems fit. Miami
Mayor Francis Suarez has stated the coin’s funds will go toward crypto
education, funding underprivileged communities and programs to mitigate the
risks of climate change.

NYCCoin users can mine the coin by forwarding STX tokens into the smart contract
on Stacks to receive new CityCoins tokens, with 70% of the mining rewards going
to users who lock up and “stack” or stake their CityCoins.

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 * #Business
 * #Smart Contracts
 * #Adoption
 * #Miami
 * #New York
 * #New York State


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