On November 11, New York's NYCCoin crypto will begin mining on the platform CityCoins. The creation of the municipal cryptocurrency is an initiative of the city's community and New York Mayor-elect Eric Adams.
The NYCCoin will be used to support city initiatives and fund events. Developers will be able to create smart contracts and decentralized applications (dApps) based on the NYCCoin.
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The CityCoins project allows municipalities to create their own tokens to attract investment to the city. Investors can receive rewards in Bitcoins by staking city tokens. In August, the CityCoin project launched the first city cryptocurrency: the MiamiCoin.
Adams, who won the New York mayoral election in early November, has already made several statements about cryptos. He has said he intends to receive his first three salaries as city mayor in Bitcoins. Adams has also advocated teaching the basics of cryptos in schools.