New York gets its own cryptocurrency with support from mayor elect Eric Adams

© Agence France-Presse

On Wednesday, New York City's CityCoin got its official launch with the start of mining, following a slew of enthusiastic speeches about cryptocurrency and blockchain in the first public appearances of he freshly elected Eric Adams, set to take up his post as New York City mayor in January. His ambition is to make the city the global center of cryptocurrency, and he also wants these new technologies to be taught in school.

Democrat Eric Adams recently became the second African-American mayor of New York City.  Since his victory, the former police officer who describes himself as "pro business," seems to have two favorite words that recur in speeches: cryptocurrency and blockchain, to a lesser extent. The future mayor of New York -- he will not officially become mayor until January 1, 2022 -- has already made it clear that he wants to receive his first three salaries in the form of a cryptocurrency, bitcoin.

His goal is to help New York become a world capital of cryptocurrencies. The city has just launched, Wednesday, November 10, its local digital currency, the New York City Coin. This currency, specific to the Big Apple, will be used to finance projects within the city under the leadership of the local government.

Another project of this type was realized by the mayor of Miami, Republican Francis Suarez, who created the first "city coin" in the United States, the MiamiCoin. In Miami, the coin exists within the framework of a "Magic City" project that enables citizens of the city to mine their tokens. These tokens allow Miami to earn extra money while allowing its citizens to generate resources by mining their own cryptocurrency. They will also be able to participate in projects to restructure the city. 

Eric Adams would like to take things even further for New York and educate citizens about blockchain and cryptocurrencies by adding courses dedicated to these technologies to the curriculum of the city's schools. He did not specify at what age.

In any case, one thing that is certain is that Eric Adams is keen to turn his city into an "innovation hub." "I want to make sure that this city becomes the center of innovation no matter what that innovation is, and this is what the human spirit is about, not being afraid to look at every area of innovation as we move our country and city forward," he explained in an interview with CNN. However, the next mayor of New York is cautious on this issue of digital currency and has assured the public that he wants to do it right.

Because the volatility of these assets can make investors fear the worst regarding a stock market crash. Recent investigations and the need for regulation of some of these currencies have also sparked skepticism in the minds of many critics. In any case, it's safe to say that we haven't heard the last of Eric Adams's plans regarding blockchain and cryptocurrencies. After all, the energy of New York City could give the whole sector a tremendous boost.