New York mayor says he will make the city a “Crypto Innovation” hub

A recent survey found that 96% of respondents in the U.S. were unqualified in their knowledge base in Crypto-related areas. Therefore, according to the study, Crypto may “fail to achieve its mission of financial inclusion” due to the knowledge gap.

New York Mayor Eric Adams said in an interview with CNN that schools should teach Crypto and its related technologies.

Eric Adams noted, “When I talk about blockchain and bitcoin, young people on the street stop and ask me what is that?”

Previously, he said he would accept bitcoin as a salary. However, former chief economic advisor Jason Furman called it “a bad economic strategy for NYC.

 

 

Jason Furman noted on twitter, “Not only is this a bad economic strategy and investment decision by NYC, it’s almost a conflict of interest. It’s like a mayor announcing ‘I bought a lot of Amazon stock and then was going to put in some policies that would benefit Amazon.'”

In response, Eric Adams explained that he is trying to make New York City a “Crypto Innovation” center.

At the same time, Eric Adams said, “I lost thousands of dollars in the stock market during the crash …… Volatility is part of the investment we make.”

Recently, Miami Mayor Francis Suarez made a similar claim. Notably, Suarez is an outspoken Bitcoin supporter and won a sweeping victory in his recent re-election campaign.

Suarez reportedly received nearly 78.6% of the vote through his city fund project MiamiCoin Wallet. Perhaps in the future, NYC coin could be something Adams explores as well. Additionally, Miami has been pushing for a plan to pay taxes and pay employees in bitcoin.

Would Adams be willing to take a similar route?Adams believes that in the context of encouraging New York City businesses to accept bitcoin and other Crypto as a means of payment, “we’ll look at it and proceed with caution. We’ll do the right thing.”

 

Consider that New York is one of the leading mining destinations in the United States. According to a study by Foundry USA, 19.9% of Bitcoin computing power is in New York.

Another mayoral candidate, Andrew Yang, also promised Crypto-friendly policies to New York City residents in February.

Andrew Yang similarly said, “If I were to serve as mayor of New York City, the financial capital of the world, I would invest in making the city a hub for BTC and other Crypto.”

Meanwhile, several Texas cities are adopting supportive policies to attract businesses. Rockdale County, for example, is home to the largest bitcoin miner in North America. New York-based mining company Greenidge Generation recently said it was exploring opportunities to expand into Texas.

Earlier this year, New York State Attorney General Letitia James warned, “We are sending a clear message to the entire industry to either follow the rules or shut down.”

Recently, New York State has been putting increasing regulatory pressure on Crypto platforms under its jurisdiction. Last month, several exchanges came under scrutiny.

Mr. Whale said on twitter, “Alert: The New York State Attorney General (NYAG) has issued cease and desist orders to multiple Crypto lending platforms. They have also reopened their investigation into Tether and are now asking for details about suspicious transactions, customers, smart contracts, etc.”