The New York Mint is launched this week with the blessing of Mayor-elect Eric Adams

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The NYCCoin will launch on November 11th with the community-led proposal endorsed by New York City mayor-elect Eric Adams.

The NY-focused cryptocurrency is being launched by CityCoins, the same company that offers MiamiCoin. The project uses the Stacks protocol built on the Bitcoin blockchain to enable smart contracts and to issue its coins.

CityCoins tweeted on November 9th that it enabled NYCoin mining this week after Adams announced on November 4th that, as in the case of Miami City, he would like a “CityCoin for NYC”.

Adams followed suit earlier today by writing, “We look forward to welcoming you to the global home of Web3! We count on technology and innovation to move our city forward. “

Adams was elected NYC Mayor on November 2nd and will take the reins in early 2022. A strong crypto advocate, the 61-year-old Democrat has vowed to take his first three paychecks in Bitcoin (BTC) and has advocated that crypto education should be taught in local schools.

“We need to open our schools to teach the technology to teach this new way of thinking,” Adams told CNN’s State of the Union on November 7th.

In Miami, city commissioners voted to accept funds generated by Miami Coin, however CityCoins notes that despite Adams’ approval on social media, there is still no official partnership with the NY government.

“CityCoins like NYCCoin are basic initiatives. As the communities around CityCoins grow, they can encourage their mayor to use the city treasury’s reserved wallet and use their funds, ”the website says.

Related: Law Decoded: What currency is the mayor’s paycheck in your city? 1st to 7th Nov.

When the City of New York agrees to partner with CityCoins, it will have access to a custody reserve wallet that contains 30% of all NYCCoin mining rewards. The funds can be used to support all initiatives that the city considers suitable. Miami Mayor Francis Suarez has stated that the coin’s funds will go towards crypto education, funding disadvantaged communities and programs to mitigate the risks of climate change.

NYCCoin users can mine the coin by forwarding Stacks (STX) tokens to the Smart Contract on Stacks and receiving new CityCoin tokens, with 70% of the mining rewards going to users who lock up and “stack” or “stack” their CityCoins Mark out.