The NYCCoin is set to launch on the 11th with the community-led proposal backed up by New York City’s Mayor Eric Adams.
The NY-focused cryptocurrency is being launched by CityCoins, which is the same firm that offers the MiamiCoin. The project uses the Stacks Protocol built on the Bitcoin blockchain to enable smart contracts and issue its coins.
CityCoins activation of the NYCCoin came after Adams stated that he wanted to have a CityCoin for NYC similar to Miami.
Adams was elected as the NYC Mayor and will take the wheel at the start of 2022. He is a strong crypto supporter and has promised to take his first three paychecks in Bitcoin and has encouraged crypto education to be taught in local schools as of recent news.
If New York agrees to partner with CityCoins, it will have access to a custodies reserve wallet that holds 30% of all NYCCoin mining rewards. The funds can be used to support whatever initiatives the City deems fit.
