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NYCCoin Launching Following Incoming Mayor’s Pro-Crypto Remarks

2 mins
Updated by Ryan James
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In Brief

  • CityCoins announced that it would be launching an NYCCoin, following pro-crypto remarks from New York’s incoming mayor.
  • Although Austin was also up for consideration, after Adams spoke last week, “the community decided to activate New York.”
  • After winning his electoral race last week, Adams came out strong for cryptocurrencies, citing plans to make the city more "crypto-friendly."
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CityCoins announced that it would be launching an NYCCoin, following pro-crypto remarks from New York’s incoming mayor. 

According to the announcement, mining activation for NYCCoin is scheduled for November 10. CityCoins said that mining could begin “once 20 independent wallets signal activation following contract deployment.” It added that NYCCoin would only be activated through mining, having no ICO, pre-sale, or pre-mine. CityCoins said it chose New York City due to comments made by the city’s incoming mayor, Eric Adams. 

“We voted on what city should be next,” said Patrick Stanley, a CityCoins community lead. Although Austin was also up for consideration, after Adams spoke last week, “the community decided to activate New York.” 

“We’re glad to welcome you to the global home of Web3,” Adams tweeted in response.

Adams for crypto

After winning his electoral race last week, Adams came out strong for cryptocurrencies, citing plans to make the city more “crypto-friendly.” First, Adams said he would look into “what’s preventing the growth of Bitcoin and cryptocurrency” in New York, as part of a larger push to become a “business-friendly” city.

Next, Adams had mentioned the success that Miami Mayor Francis Suarez had with MiamiCoin, adding that he wanted to get one for New York City. MiamiCoin has so far earned the city $21, since CityCoins launched the token in August.

In the spirit of friendly competition, Adams said that he would take his first three months pay in BTC after the Miami mayor said that he would take one month’s pay in the cryptocurrency. Upon discovering that there was no direct way for him to be paid that way, Adams said it would be a priority of his for New Yorkers to be able to get their paychecks in crypto.

Finally, Adams emphasized building “a pipeline of young people that can fill these jobs and understand the new technology.” He added that these jobs should contribute to great equity in the labor market, saying “we can’t have a one-sided city where [only] certain groups and areas are doing well.” He later added that he believes crypto should be taught in schools.

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Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.
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