The new mayor of New York, Eric Adams, is promising that New York City will go big on crypto. Mayor Adams said that he would make NYC the center of the crypto sector.
NYC Will Be The Center Of Cryptocurrency
New York, which is also a global financial center, could become the center of the cryptocurrency sector if Mayor Adams has his way. He pledged on Twitter to take his first three salaries in Bitcoin. Such a move will help to bring unprecedented attention to the Bitcoin world. It will be the first time the mayor of a major global city has received payment in cryptocurrency. He made the tweet in response to a tweet by the mayor of Miami, Francis Suarez, who promised he would take his next salary in Bitcoin.
I’m going to take my next paycheck 100% in bitcoin…problem solved! @Sarasti can you help? https://t.co/v4YdPZ0tYc
— Mayor Francis Suarez (@FrancisSuarez) November 2, 2021
In Miami, they have made a lot of progress when it comes to crypto. The city launched a project called MiamiCoin some time back. With MiamiCoin, when bought or mined, 30% of the rewards go to the city. The mayor of Miami hopes that this model will eliminate the need for residents of the city to pay taxes. According to a Washington Post report, Miami has already received around $7.1 million since it launched MiamiCoin in August.
During a Bloomberg Radio interview, the NYC mayor-elect gave a shout-out to MiamiCoin. The mayor said that NYC could launch something similar in the future. He also said that he would look into what was preventing the growth of crypto use, including BTC within the city.
How Will He Receive His BTC
Unfortunately, the city of New York does not have systems in place to pay politicians in Bitcoin. However, a Politico report stated that the mayor would convert his paycheck into BTC using an exchange. While that is still a long way from receiving direct payment in BTC, it still shows there is growing interest in the sector. It will no doubt help to bring the center to prominence in the legislature at the national level.
In the future, it could be possible for cities to pay employees directly in digital currency. A good example of how this could happen in China, the nation has been working on a CBDC for months and they have already launched a pilot program. Nigeria’s central bank also recently launched a CBDC called eNaira. This CBDC is used as an alternative to the national fiat currency. While it is still early days, such bold moves could be studied by others and used to launch bigger projects.
Summary
The future of the crypto industry lies in acceptance at all levels of society, from the masses to the top leadership levels. While the mayor of New York might not change how the NY monetary regulator views crypto, he might play an important role in helping to come up with legislation for New York’s residents and businesses that is supportive of crypto. In the future, residents of NYC might even be allowed to pay for government services using crypto.
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