CityCoins will launch a cryptocurrency for New York City
The CityCoins project, which launched the MiamiCoin token for Miami, announced that it will create a similar solution called NYCCoin for New York City.
Happy to welcome you to the global home of Web3! We look forward to technology and innovation to help our city move forward, New York City's newly elected Mayor Eric Adams wrote in response.
Programmable tokens from CityCoins aim to provide additional revenue to municipal budgets by being mined by residents.
Users are rewarded for mining coins in native STX project tokens. CityCoins uses a proprietary Stacks protocol based on the bitcoin blockchain.
70% of the reward stays with the miner and 30% is credited to the city wallet. Authorities can access it at any time and convert the assets into fiat.
According to CityCoins, the project has accumulated about $21.6 million in STX for Miami since August.
Adams had previously expressed interest in the decision. In an interview with Bloomberg, he noted that "it works well."
We'll see what direction to take it in, he added.
NYCCoin mining is expected to begin this week.
As a reminder, Adams said after his election that he intends to get his first three paychecks in bitcoin, endorsing Miami Mayor Francis Suarez's initiative.
Adams also suggested studying cryptocurrencies in schools, complaining about young voters' low awareness of the field.