The launch of the token was one of the promises of Mayor Eric Adams. Thus, New York has become the second city in the world with its own cryptocurrency.

For participating in the mining of coins, miners will receive 70% of the reward. Another 30% will go to the city treasury. At writing this news, $21.5 had already been earned, with $6.45 going to the city budget.

All the money received will be spent on financing city initiatives and events.

The CityCoins project was engaged in the development of NYCCoin. Earlier, in August, had already launched a similar MiamiCoin token. In 3 months, investments in the coin brought Miami more than $21 million.

It is there that the Tesla electric car manufacturing plant is located.

Earlier, Eric Adams stated that he wanted to make the city a center of bitcoins and cryptosecurity. In his Twitter, the mayor wrote that he would receive his first salary in bitcoins. Also, Adams spoke in support of teaching the basics of cryptocurrencies in schools.