New York Mayor-elect Eric Adams revealed on Twitter (NYSE:TWTR) on Friday he intends to take his first three paychecks in Bitcoin. Adams also doubled down on his plans to make New York the “center of the cryptocurrency industry” once he takes office in January.
In an interview with Bloomberg radio on Wednesday, Adams vowed to “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.” He also indicated plans to follow Suarez’s footsteps with the creation of MiamiCoin.
In that scheme, individuals use Stacks, smart contracts, and application layers built on Bitcoin, to mine MiamiCoin, with 30% of the revenue going back to the city to fund public projects. The remaining 70% of revenue can be locked to earn rewards in Bitcoin and Stacks.
New York introduced the controversial BitLicense regulatory regime in June 2015, which has been criticized for being hostile to crypto. The BitLicense applies to crypto organizations involved in transferring, buying, selling, exchanging, or issuing crypto.
New York residents are only legally allowed to buy and sell tokens from registered organizations. There are currently 105 approved digital currencies in the state.
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