The US has become a major for cryptocurrencies since China happened to ban cryptocurrencies as a whole. Whether it was mining or trading, a major hub of the crypto world had suddenly kicked them out. And a lot of companies that moved out of China went to the US to set up shop. Since then, the US has been experiencing a tremendous amount of growth never seen before.
In fact, the talk about Cryptocurrencies is so captivating that Mayor-Elect Eric Adams has made it a major part of his campaign to become the mayor of New York. And with a major landslide victory, he has been able to solidify himself as the mayor who will make New York a major crypto hub by the end of his term.
As of late, the future mayor for New York City has stated that he will be making a new cryptocurrency unique to New York City. He has mainly taken his inspiration from the mayor of Miami, who also released their own city token recently.
These tokens have become increasingly popular in recent years, as more and more mayors are starting to adopt them. These coins will be acting as a secondary revenue stream for the city, as its residents start to mine them. The companies that will be running the software will be making a cut from every token that someone is able to mint.
The company that is managing these types of city tokens is CityCoins. They will be managing all of the operations of the city-wide token with ease. And according to reports from the team at CityCoins, 30% of all the funds that the coin is able to generate will go to the City’s personal wallet. From there, the city will be able to make use of the fees as they please.
The new race for city tokens initially started with the friendly rivalry between NYC and Miami Mayor. Both mayors are looking to make their cities major hubs for cryptocurrencies and both men are trying to one-up each other in terms of accepting crypto.
When the Miami mayor said that he was willing to accept his first paycheck in a cryptocurrency, Eric Adams quickly hit back saying that he would take his first three paychecks in Bitcoin. This back and forth continued and has eventually reached the point where the NYC mayor is saying that he will be introducing a city token for NYC soon enough.
And given the track record that Eric Adams has had so far, people are willing to believe that he will keep his word in making New York City a crypto hub by the end of his term.