New York Mayor-Elect Eric Adams Wants to Get First 3 Paychecks in Crypto | NY to Be 'Center of the Crypto Industry'

Urian B., Tech Times 05 November 2021, 08:11 am

Eric Adams, the New York Mayor-elect, revealed just recently that he plans to receive his first three paychecks in Bitcoin. Adams has reportedly doubled down on his ultimate plan to make New York what was said to be the "center of the crypto industry" once he is set to take office in January 2022.

Eric Adams on New York

Eric Adams tweeted that in New York, they are always going big. It was noted that he is going to take his first three paychecks in Bitcoin when he becomes the mayor of New York.

In a recent interview and Bloomberg radio just recently, Adams vowed to look at what is now preventing the growth of Bitcoin and cryptocurrency in New York. He also reportedly indicated certain plans to follow in Suarez's footsteps to create its own MiamiCoin.

MiamiCoin

In that scheme, individuals will be using Stacks, certain smart contracts, and an application layer built on Bitcoin to mine Miami. It was noted that 30% of the total revenue will then be going back to the city in order to fund some public projects. With popular figures like Kevin Durant becoming more and more open about crypto investments, more and more people are starting to get involved as well.

It was also stated that the remaining 70% of revenue could then be locked in order to earn rewards in both Bitcoin and Stacks. It was stated that Miami is doing very well and that they are now going to look in the direction to carry that out.

What Crypto Analysts Have to Say

It was then stated that New York has some of the strictest crypto exchange rules in the whole United States. Stephen Chen, a New York-based crypto analyst from Inflation Hedge Coin, stated Cointelegraph.

According to the story written on CoinTelegraph, Chen hopes that the new mayor's support will then see some more pro-crypto amendments to the upcoming 2015 BitLicense regulations. In addition, New York had introduced the controversial BitLicense regulatory regime in June 2015.

New York Tight on Crypto

This has long been criticized for actually being quite hostile to crypto in general. BitLicense had also applied to specific crypto organizations that would involve transferring, buying, selling, exchanging, or even issuing crypto. Mark Cuban is also another prominent figure in the crypto world, and just recently, Mark Cuban shared that 4% of the U.S. labor force decided to quit their jobs because of crypto gains.

As of the moment, New York residents are only just legally allowed to either buy and sell tokens coming from registered organizations. Currently, there are only 105 approved digital currencies within the state. This, however, might change depending on the direction New York will take regarding crypto in the upcoming year.

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Written by Urian B.