On November 10, the mining of the new cryptocurrency NYCCoin began on the CityCoins platform. The creation of the municipal cryptocurrency was initiated by the city community and the newly elected mayor of New York , Eric Adams. He reported about it on Twitter .
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The city government is expected to receive 30% of NYCCoin mining revenue. The city can convert cryptocurrency into dollars at any time.
It is reported that the cryptocurrency NYCCoin will be used to implement city initiatives and fund New York events. Developers will be able to create smart contracts and decentralized programs (dApps) based on NYCCoin.
The CityCoins project allows municipalities to create their own tokens to attract investment into the city treasury. Investors can receive a reward in bitcoins by stacking city tokens. In August, the CityCoin project launched its first city cryptocurrency, MiamiCoin.
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Adams, a 61-year-old Democrat who won the New York mayoral election on November 2, is a supporter of cryptocurrency and has already promised to receive the first three salaries as mayor in bitcoin. Adams also advocates teaching the basics of cryptocurrency in urban schools.
Source: Ukrgate
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