Cryptocurrencies
New Yorkers Are Locked Out of a Crypto Coin Made Just for Them
- Residents can mine but not trade the token dubbed NYCCoin
- BitLicense an onerous obstacle, CityCoins developer says
Buildings in the Manhattan skyline in New York, U.S.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
New Yorkers are barred from buying or selling a cryptocurrency created especially for them.
Saying they were inspired by New York Mayor Eric Adams’ vow to make the city “the center of the cryptocurrency industry,” project developer CityCoins created NYCCoin in November. The project allows people to “invest” in New York by mining and buying the tokens while also potentially profiting themselves from any price appreciation. A percentage of the tokens created are designated to be deposited in a crypto wallet to be used to benefit New York. Adams hasn’t endorsed the coin and it has no official affiliation with the city.