By New York, But Not for New York
Reports have it that New Yorkers are not able to participate in the buying or selling of the NewYorkCityCoin (NYCCoin), a crypto asset that was by design, aimed to give citizens and residents of the city the power they need to support, program, and improve the city that doesn’t go to sleep.
As reported by Bloomberg, those behind the development of the project, CityCoins, was inspired to go ahead with the creation of NYCCoin last November when the Mayor of New York, Eric Adams, promised to make New York the center of the growing cryptocurrency industry.
The report by Bloomberg claims that NYCCoin makes people invest in digital assets by mining and then buying tokens, as well as profiting from price appreciation when it eventually happens. A certain percentage of the mined tokens are supposed to be paid into a dedicated wallet for the purpose of further investing it into the city.
Of course, the coin has not been officially endorsed by either Mayor Eric Adam or the city in general; New York residents are not allowed anywhere to or have an option to either sell or buy it. In New York, crypto trading platforms and exchanges are obliged to get a BitLicense before they are allowed to operate. Bloomberg’s report went ahead to clarify that no crypto exchange in New York with the BitLicense presently offers NYCCoin on their platforms.
The MiamiCoin Example
A lead community developer with CityCoin, Patrick Stanley, lashed out critically against the BitLicense requirement for Crypto exchanges by New York. He said to Bloomberg in an interview that BitLicense is functioning as a burdensome barrier that is beginning to limit innovation. He said that the city of New York is currently having a review of how they can generate and utilize the funds, but if there is no imagination, Miami is going to be their model to be looked up to.
MiamiCoin was created and unveiled by CityCoin in August 2021, and it already has close to 4 billion coins held by millions of people since it was first issued. But in a different case from that experienced in New York, residents of Miami, as well as people from diverse places, are able to equally sell and buy the coin on various crypto exchanges.
However, in spite of the fact that they cannot sell or buy the NYCCoin, residents of New York can fully participate in the process of mining the coin.