CityCoins to launch сryptocurrency for New York

Open-source protocol CityCoins, which launched the MiamiCoin token for Miami, announced that it will create a similar token called NYCCoin for New York.

NYCCoin mining has been officially activated at block 37449 today. All miners will be able to start mining NYC after a 24-hour countdown period.

These tokens will increase the revenues of municipal budgets through their production not only by New York residents, but also by everyone. This can be done by forwarding STX into a CityCoins smart contract on the Stacks blockchain.

According to the official website, NYCCoin provides new ways for people to support New York City and grow its crypto treasury while earning Stacks (STX) and Bitcoin (BTC).

Users receive a reward for mining coins in the native tokens of the STX project. 70% of the reward remains for the miner, and 30% of the STX that miners forward will be sent directly to the city wallet. The authorities can access it at any time and convert assets into fiat.

Regarding MiamiCoin, the token has accumulated about $21.7 million for Miami City Wallet since August, according to CityCoins.

Earlier, New York City mayor-elect, Eric Adams, said he intends to receive his first three salaries in Bitcoin, following the example of Miami Mayor Francis Suarez.

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