Mayor of New York declares the creation of a cryptocurrency that operates in his territory

A few hours ago, statements were made of this new education that is being implemented

It has only been a week since Eric Adams, a renowned ex-policeman from the streets of New York, was elected as mayor of the famous high-impact city in the world.

Eric Adams comes with many new visions for his territory and one of these has to do with cryptocurrencies and how to implement them in the city's economy.

This news, although it has advanced in the "current news", does not seem surprising to read, since many mayors or practically governments have created or are creating tokens with the image of their territory or simply using the virtual currency with the highest impact in the world., that is, bitcoin as legal tender.

A nation that in recent years has also given cause to speak on this issue was: El Salvador.

This and more news explored in this article that you cannot miss.

NewYorkCityCoin: Currency for New Yorkers

The reason for its invention, according to Adams himself, is to encourage cryptocurrency fans to invest in the city, which would generate a broader market and the even more extreme strengthening of a city that in his opinion may still grow more than it has in the last 100 years.

Watching technology as the great impulse required to have a harmony of investments, encouraging as much or more with other cities in the United States that have also created their own token, such as: Austin / Texas and Miami / Florida.

Although the New York Stock Exchange is clearly one of the most important stock indices in the world, it is not a territory area where a great impact is seen in the world of digital currencies.

But using the previous argument, the government of Eric Adams is betting on this technological advance, and the majority of the citizens of New York also.

The cryptocurrency will have the name and image of the city, to be clear that its creation is for the city and by the city. Named as: NewYorkCityCoin, which for the search will be found as NYCcoin.

Who will be able to use the NYCcoin token?

Although from the aforementioned it would be believed that it is of use for any citizen who is from New York, the truth is that its use will not be for a private market, nor will there be a cryptocurrency exchange or swap platform to be able to circulate the currency like the other cryptocurrencies.

Entrepreneurs or businessmen will be in charge of moving this currency within the diversity of the market in the city, using it to pay for their business services or for exchange –for this reason Mayor Adams did not see the need to create a virtual platform–, so that the entrepreneurs themselves are the ones to start the project.

This also tries to facilitate the rise of many entrepreneurs who have not been able to emerge thanks to the law imposed in this city since 2015. Where they required permits with high costs in between to be able to legally set up their business.

This law, called the Bitlicense, caused the market for rising startups to plummet to nothing. For this reason, Eric Adams also plans to change this law, which is undoubtedly a prohibition on growth.

What is NYCCoin based on?

It has its modality to the archetype that has been Bitcoin for all other cryptocurrencies. Moreover, the mayor of NY himself has indicated that his first three salaries as holder of the title of ruler the city would receive in bitcoins. It is a plan that is still not very well understood, since people have many questions, in which the repetitions of: Why only 3 salaries and not all of them stand out? Why in bitcoins and not wait for NYCcoins? Why do you want the circulation of bitcoin if you already have another token?

These guidelines are not really completely clear yet, the reality is that this coin has a launch date today November 9.

But despite the doubts, education about this digital asset was promised so that it enters society in a good way.

For this, we must wait for the response and the reception that will be given to it by New Yorkers and the following indications that the government of this beautiful city will give to it.

If it works the way it is proposed, that will make the growth of ideas for cryptocurrencies and global finance increasingly massive all over the world.

Which would seem to indicate that the ideal of a purely virtual and decentralized cryptocurrency may change with the passage of these future years.

Because many believe that thanks to this breakthrough, we won't even have to wait decades to see it with our own eyes.

Others are concerned about what it would mean that the volatility of so many cryptocurrencies belonging to countries as legal tender would produce the economic or inflationary level of each territory.

And you, what do you think of a world with a cryptocurrency economy?