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<ul class="summary-list"><li>NYC is about to get its own coin in line with the incoming mayor's vision of running a crypto-friendly city.</li><li>The coin is called <keyword id="12499378" type="UNKNOWN" weightage="60" keywordseo="nyccoin" source="Orion">NYCCoin</keyword>. It is launched by CityCoins, a nonprofit and open-source protocol that gives investors an avenue to support their cities.</li><li>When the coins are mined, the nonprofit allocates 30% of its reward to the city.</li></ul>New York City is about to get its own digital token in line with the vision of Mayor-Elect <keyword id="12095309" type="UNKNOWN" weightage="60" keywordseo="eric-adams" source="Orion">Eric Adams</keyword> to transform the Big Apple into a cryptocurrency hub.The coin is called <a href="https://www.citycoins.co/nyccoin">NYCCoin</a> and is being launched by CityCoins, a civic-minded community and open-source protocol that gives investors an avenue to support their cities by expanding their <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> treasury while earning for themselves. When bought or mined, it allocates 30% of its reward to the city.NYCCoin's launch follows close behind <a href="https://www.okcoin.com/prices/miamicoin-mia-price-chart" target="_blank" rel="noopener">MiamiCoin</a>, which to date has earned more than <a href="https://www.globenewswire.com/Tracker?data=1BurT6GNckVp9_s0-Dk5_YVx31BCGSONdeK2uum8qlcDHdIbLhQtVmDNA3U9g5aCbSE_4gDjwG8NP5QAASwMBraKom46fDELub-3wXZLTas=" target="_blank" title="" rel="nofollow noopener">$21.3 million</a> for the city of Miami since its August 2021 launch, the <a href="https://www.globenewswire.com/news-release/2021/11/08/2329534/0/en/CityCoins-Community-Announces-NYCCoin-Will-be-the-Next-CityCoin-to-Launch.html">community said</a>. While Austin, Texas was a close contender, the community eventually chose New York, propelled by the incoming mayor's pro-crypto stance, Patrick Stanley, a CityCoins community lead, told Insider."The community wants to support New York," Stanley said. "We were very successful in Miami and Eric Adams saw that. He signaled it publicly on Twitter."After CityCoins on Tuesday announced New York is its next destination, the incoming mayor <a href="https://twitter.com/ericadamsfornyc/status/1457803063666745346">retweeted the post</a> with the caption: "We're glad to welcome you to the global home of Web3! We're counting on tech and innovation to help drive our city forward."Adams announced he will take his <a href="https://www.businessinsider.com/nyc-mayor-eric-adams-bitcoin-paycheck-three-months-crypto-2021-11">first three paychecks</a> in <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>, days after Miami Mayor Francis Suarez said he will take his next one in the same asset. Suarez for his part also seemed to enjoy the amicable rivalry, <a href="https://twitter.com/FrancisSuarez/status/1456316140284678149?s=20">replying</a> to Adams within minutes: "Touché."Mayor Suarez in <a href="https://markets.businessinsider.com/news/currencies/miamicoin-could-support-city-without-people-paying-taxes-mayor-2021-10">October</a> told The Washington Post that he hopes <keyword id="12461278" type="UNKNOWN" weightage="60" keywordseo="miamicoin" source="Orion">MiamiCoin</keyword> will support his city enough that his residents would not have to pay taxes. Stanley clarified that there is no formal partnership between the cities and the CityCoins. The selected city, however, does have to accept the project and the designated wallet that is custodied for them. They can choose to convert these assets into US dollars.CityCoins, Stanley added, chooses the cities based on their own assessment. Their goal is to set up coins in 200 "startup cities" all over the world in the next two years. Start-up cities, Stanley told Insider, have no strict definition but the community does follow a rubric that comprises eight qualities. CityCoins will be powered by the <keyword id="12499380" type="UNKNOWN" weightage="60" keywordseo="stacks" source="Orion">stacks</keyword> protocol, an open-source network that allows developers to easily build decentralized applications and smart contracts on top of the bitcoin blockchain, the community said.Anyone can compete to mine NYCCoin, which will begin on November 10 at around 3 p.m. ET.Since the city gets 30%, the remaining 70% can be stacked or temporarily locked by coin holders who earn STX, the crypto of the stacks protocol, and bitcoin. The city coins in general are also not issued or distributed before the start of mining. STX was trading at around $2.24 as of Tuesday morning ET and has a market valuation of $2.8 billion, according to <a href="https://coinmarketcap.com/currencies/stacks/">CoinMarketCap</a>.

NYC is getting its own city coin in line with the incoming mayor's crypto hub vision

<ul class="summary-list"><li>New Yorkers can't actually buy and sell the city's namesake token, a Bloomberg report found.</li><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> exchanges offering NYCCoin don't have a <keyword id="13146513" type="UNKNOWN" weightage="60" keywordseo="bitlicense" source="Orion">BitLicense</keyword>, which is required to operate in the state, Bloomberg said.</li></ul>New York wants to compete with Miami as the US crypto hub, but its residents can't even trade the city's namesake digital token.According to a <a href="https://www.bloomberg.com/news/articles/2022-02-27/new-yorkers-are-locked-out-of-a-crypto-coin-made-just-for-them?srnd=markets-vp">report from Bloomberg News</a>, New Yorkers can only mine — not buy and sell — the city's namesake token because no crypto exchanges that offer NYCCoin have what's known as a BitLicense, which is a state requirement for crypto platforms operating there.Meanwhile, the ability for Miami residents to actually trade <keyword id="12461278" type="UNKNOWN" weightage="60" keywordseo="miamicoin" source="Orion">MiamiCoin</keyword> gives the Florida city an edge over its northern crypto rival.NYCCoin was <a href="https://markets.businessinsider.com/news/currencies/nyc-city-coin-stacks-adams-bitcoin-miami-cryptocurrency-new-york-2021-11">created in November</a>, and about 3 billion coins have already been mined, according to CityCoins, the token developer that allocates a percentage of rewards to local governments when coins are bought or mined.The token, Bloomberg said, doesn't have an official affiliation with the city. Local officials did not immediately respond to Insider's request for comment. <keyword id="11921345" type="UNKNOWN" weightage="60" keywordseo="new-york-city" source="Orion">New York City</keyword> Mayor <keyword id="12095309" type="UNKNOWN" weightage="60" keywordseo="eric-adams" source="Orion">Eric Adams</keyword>, who was elected to office last year, has said in the past he wants to <a href="https://www.businessinsider.com/nyc-mayor-eric-adams-bitcoin-paycheck-three-months-crypto-2021-11">transform the city</a> into a crypto hub to rival the likes of Miami, a headquarters for many crypto companies and home to bitcoin-loving <a href="https://markets.businessinsider.com/news/currencies/bitcoin-miami-mayor-francis-suarez-crypto-pledge-2022-1">Mayor Francis Suarez</a>. In November, Adams <a href="https://twitter.com/ericadamsfornyc/status/1456311827550384129">tweeted</a> that he'd take his first three paychecks in <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> — a similar move to Suarez — and said, "NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!"According to CityCoins, about 4 billion MiamiCoins, which were created in August, have already been claimed. Neither of the cities' tokens are worth much, though. Miami's is valued at $.0034, while New York's is $.0019, CoinMarketCap data show.

Unlike in Miami, residents of New York City can't trade their namesake cryptocurrency

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NYC is getting its own city coin in line with the incoming mayor's crypto hub vision

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Unlike in Miami, residents of New York City can't trade their namesake cryptocurrency

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