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

November 10, 2021 Coin Telegraph

CityCoins

“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 the NYCCoin this week.

The NYCCoin is set to launch on Nov. 11 with the community-led proposal endorsed by New York City’s Mayor-elect Eric Adams.

The NY-focused cryptocurrency is being launched by CityCoins, the same firm that provides the MiamiCoin. The project utilizes the Stacks Protocol built atop of the Bitcoin blockchain to enable smart contracts and issue its coins.

CityCoins tweeted on Nov. 9 that it was activating NYCCoin mining this week after Adams stated on Nov. 4 that he wanted to have a “CityCoin for NYC” like in the case of Miami City.

Adams followed that up earlier today 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.”

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. https://t.co/SY9pv1Ebct
— Eric Adams (@ericadamsfornyc) November 8, 2021

Adams was elected as the NYC Mayor on Nov. 2 and will take the reins at the start of 2022. The 61-year-old Democrat is a strong crypto proponent and has vowed to take his first three paychecks in Bitcoin (BTC) 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 Nov. 7.

In Miami, the city’s commissioners voted to accept funds generated from Miami Coin, however CityCoins notes that it is yet to officially partner with the NY 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.

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 under-privileged communities and programs to mitigate the risks of climate change.

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

NYC Mayor-Elect Wants Schools to Teach Crypto, Says Bitcoin Is New Way to Pay for Goods and Services

November 9, 2021 Bitcoin.com

Incoming NY mayor wants crypto taught in schools

November 8, 2021 Coin Telegraph

Coin Telegraph

Incoming New York Mayor Eric Adams believes schools should be preparing students to navigate the world of cryptocurrency and digital assets.

New York Mayor-Elect Eric Adams appears to be doubling down on his pro-crypto stance, asserting that that schools should incorporate cryptocurrency studies into their curricula.

Speaking during a Nov. 7 interview with CNN’s State of the Union, Adams described cryptocurrency as “a new way of paying for goods and services throughout the entire globe,” urging local schools to equip students for “the new way of thinking” brought about by blockchain technology and digital assets.

"We must open our schools to teach the technology, to teach this new way of thinking.”

Adams also anecdotally noted surprisingly low awareness of crypto among his young constituents. “When I talked about blockchain and Bitcoins, young people on the street stopped and asked me, ‘What is that?’” said the 61-year-old Democrat.

He also indicated plans to encourage New York businesses to accept Bitcoin (BTC) and other cryptocurrencies as a form of payment, saying he would “tread carefully” and “get it right.” The mayor-elect added that New York must remain a “centre of innovation, no matter what that innovation is.”

Adams’ comments have been met with mixed reactions from the crypto community on social media.

User “nimadows” stated crypto studies “must’ become incorporated into school curricula, asserting that new investors must be equipped with “an open mind and sufficient knowledge” before braving the digital asset markets.

Others criticised the proposition, with “InnocenceCapit1” characterizing cryptocurrency as “speculative garbage.” Schools should be focused on “successfully teach[ing] math, history, science, language and actual financial concepts first,” they added.

Invoking recent criticisms of Adams from Harvard economist Jason Furman, Twitter user “OnlyAPrimate” described the mayor-elect’s recent cheerleading for digital assets as “kind of grifty" given Adams’ intention to receive his first three mayoral paychecks in the form of BTC.

“I really like Eric Adams but I don't think his job description is pumping up a crypto-currency that [he] is about to be paid in. It seems kind of grifty,” they posted.

The incoming mayor’s policy platform includes transforming the city into the US’ crypto hub. Adams also said in a Wednesday interview with Bloomberg Radio that he plans to explore setting up a city crypto coin in New York similar to MiamiCoin.

New York wouldn’t be the first city in the US to implement a study program including crypto. In March this year, The Georgia House of Representatives passed a bill calling for state education officials to implement a financial literacy program including crypto in high schools.

New York City Mayor-Elect Eric Adams Will Take First 3 Paychecks in Bitcoin, Promises to Make NYC Center of Crypto

November 6, 2021 Bitcoin.com

NYC and Miami mayors duke it out on Twitter over who is the bigger crypto advocate

November 4, 2021 Coin Telegraph

Bitcoin Payments

"I look forward to the friendly competition in making our respective cities a crypto capital," said recently re-elected Miami Mayor Francis Suarez.

Newly elected New York City Mayor Eric Adams has reiterated his pledge to make the city a crypto hub by accepting his first three paychecks entirely in Bitcoin.

In a Nov. 4 response on Twitter to Francis Suarez — re-elected for another term as of Tuesday — Adams said he would be matching the Miami mayor’s pledge to accept his next paycheck in Bitcoin (BTC) in addition to the following two payments. Assuming Adams accepts a base salary of $258,750, his monthly paychecks would be roughly $21,562 each, a total of 1.05 BTC at a price of $61,268.

In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
— Eric Adams (@ericadamsfornyc) November 4, 2021

The incoming NYC mayor’s social media banter comes less than two days after winning the city election with 72.8% of the vote. He is expected to take office on Jan. 1, so there is always the possibility the BTC price could change significantly before Adams is sworn in. The crypto asset has experienced significant volatility this month, rising more than 10% from under $50,000 in early October to $61,268 at the time of publication.

Both Adams and Suarez, as a political candidate and public servant, respectively, have advocated for their cities to be crypto hubs in the United States. The mayor-elect said he planned to make New York City “the center of Bitcoins” if he won his race, while Suarez has been vocal about his intentions to make Miami the city with “the most progressive crypto laws” in the United States.

Suarez’s response to Adams’ paycheck ‘challenge’ hints that the Miami mayor sees their race to adopt Bitcoin as anything but hostile. However, Adams would likely receive significantly more BTC from his paychecks, given his $258,750 annual salary to Suarez’s estimated $97,000.

“Congrats on the election, said Suarez. “I look forward to the friendly competition in making our respective cities a crypto capital.”

Both New York City and Miami have often been the focus of many in the crypto space due to precedent-setting policy and events. In June, President Nayib Bukele announced his plans to make BTC legal tender in El Salvador at the Bitcoin 2021 conference in Miami. In addition, the New York Attorney General’s office has been responsible for many enforcement cases against crypto firms including Coinseed, Bitfinex, and Tether.

eric adams