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New York follows Miami in launching its own cryptocurrency

New York follows Miami in launching its own cryptocurrency

November 10, under the patronage of New York's newly elected mayor, the NYCCoin cryptocurrency was launched. The CityCoins team worked on its release. Previously, the same guys also launched a cryptocurrency for Miami.

NYCCoin is based on the Stacks Protocol blockchain solution with support for bitcoin-based smart contracts. Its mining is also already available to users.

Recall that New York Mayor-elect Eric Adams said on November 2 he would take his first three paychecks in bitcoin. As early as November 4, he announced intentions to launch a cryptocurrency for New York City, taking inspiration from its implementation in Miami. And on November 10, CityCoins announced the release of the coin and the start of NYCCoin mining.

Such a project should benefit everyone. The city's coffers will receive 30% of all NYCCoin mining revenues, and users can expect the remaining 70%. The gained tokens can be used for staking or exchanging for other cryptocurrencies.

CityCoins plans to launch a city cryptocurrency for other American cities, such as Los Angeles and San Francisco. European cities, such as Berlin in Germany, Amsterdam in the Netherlands, and Lisbon in Portugal, are also interested in the project.

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