Tuesday, September 27, 2022
HomeLaw & PoliticsNew Yorkers prohibited from buying and selling of NewYorkCityCoin

New Yorkers prohibited from buying and selling of NewYorkCityCoin

New Yorkers cannot purchase or sell NewYorkCityCoin (NYCCoin), a cryptoasset designed to provide “citizens and supporters the ability to support, enhance, and programme the city that never sleeps.”

According to Bloomberg, project developer CityCoins was motivated to establish NYCCoin in November 2021 after New York Mayor Eric Adams promised to make the city the “hub of the cryptocurrency industry.” NYCCoin was designed for users to “invest” in New York by mining and purchasing tokens, in addition to earning from price gains. A portion of the tokens produced are earmarked to be put in a wallet for the benefit of the city.

While NYCCoin is not officially recognised by the city or Mayor Adams, which means New Yorkers will not be able to purchase or sell the coin. To operate, cryptocurrency trading platforms in New York must acquire a BitLicense. According to the Bloomberg article, none of the exchanges presently have a BitLicense to sell NYCCoin.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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