New York City Is All Set to Get Its Own Digital Coin
Eric Adams, Mayor-elect of New York City is well-known for his affinity towards cryptocurrencies. His positive stance towards the digital coin has now enthused CityCoins, a community planning Crypto project, to come up with a separate dedicated token for the city. Adams has already vowed to make the city-friendly for the cryptocurrency projects, and with his election, cryptocurrency enthusiasts are upbeat about the bright prospects of digital currencies under his upcoming tenure.
The leader of the CityCoins community, Patrick Stanley, revealed that the community has decided to launch the token in New York city although the name of Austin was also under consideration for launching the cryptocurrency. The community launches digital currency on Stacks protocol, and after reviewing the positive stance of the Adams, the community has decided to launch its next token for New York City.
It is important to know that community has already launched MiamiCoin token for Miami in the month of August earlier this year. The coin has generated a revenue of more than $21 million for the city up until now, as a percentage of revenue associated with STX is credited to the account of the city wallet each time a transaction takes place. According to CoinMarketCap, the market capitalization of STX was pegged at $2.9 billion, with its value hovering at around $2.30.
The mining of the newly planned NYCCoin is expected to start on Wednesday and according to Stanley, New York City will get earn extra revenue simply because of the fact that NYCCoin exists. It is indeed an encouraging development that is sure to have a positive impact on the adoption of cryptocurrency not only in the US but also across the globe.
It also signals that people from across the spectrum are becoming more open to the idea of digital coins, and importantly, policymakers are falling in line and allowing digital currencies to become part of the mainstream economic environment. It will be interesting to witness how this development will pan out in the future and how many new users it brings to the table for the cryptocurrency segment.