Eric Adams Vows to Make New York a Crypto Utopia

Newly elected Mayor of New York City Eric Adams said he plans to make New York into a Crypto hub, starting a friendly competition with fellow Mayor Of Miami, Francis Suarez.

Taking a page out of Suarez’s book, Adams said he plans to set up NYC very own city coin, “He has a MiamiCoin that is doing very well -- we’re going to look in the direction to carry that out,” Adams said last week, in an interview with Bloomberg. As well as looking into “what’s preventing the growth of Bitcoin and cryptocurrency in our city.”

New York has had a history of not being the friendliest to crypto companies. FTX started here, but moved their operations to Miami last year, as well as having a very long and arduous process for a company to obtain a Bit License.

Bit License is New York City’s equivalent to a money transmitter license, the most convoluted setup process for any company wanting to work within crypto, a leading reason to why many exchanges such as Binance and FTX are not available in the City.

The New mayors push for more crypto within the city, especially the innovation in making a city coin will hopefully push more individuals within the space to start or move to this beautiful mecha of innovation.

“We’re too bureaucratic, too expensive, and too difficult to do business,” Adams said. “Our agencies - they go into businesses and are looking for ways to penalize or fine them. We’re changing that atmosphere all together.”

“This is the Empire State, and we’re going to build empires,” he said.

After NFT NYC last week I can say the city would flourish from their introduction of a city coin, it could give people access to events or easier options to pay for things using their crypto,the infrastructure to support these forms of payments need to be created yesterday, It’s your move Mayor Admas.