Last updated on January 20th, 2022 at 04:42 pm
CityCoins have in the past partnered with Miami, a US state in the past. It was able to raise over twenty million dollars from the Miamicoin, and is presently trying to replicate it in another state.
This crypto protocol has decided to partner with New York City to create a version of its coins called the NYCCoin. Mining began on Wednesday, at 3 p.m. EST. The aim of token sales is to offer an extra source of revenue for the government. Users that mine with the software are rewarded with coins.
The coin is distributed in a percentage, where the larger share goes to the users of the token, while the remaining part is kept in a wallet for the city. Any part earmarked for the city can be accessed by the government and converted to fiat currency whenever they want it.
According to Business Insider, “Thus far, CityCoins has sent about $7.1 million to Miami, according to The Post, and Suarez thinks MiamiCoin could generate as much as $60 million over the next year.”
If NYCCoin is a reflection of what happened in MiamiCoin, it is expected that it will raise millions of dollars for New York City.
Eric Adams, New York City Mayor-elect is in support of this project, and he made this known when he was interviewed by Bloomberg. He stated that he began a friendly competition with the Mayor of Miami to see which region had a more crypto-friendly environment. Adams added that “He (Miami Mayor) has a MiamiCoin that is doing very well — we’re going to look in the direction to carry that out.” He added that he would “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”
If you would like to read more articles like this, follow DeFi Planet on Twitter and LinkedIn.
