A recent survey had found that 96% of respondents in the U.S. failed the crypto literacy assessment. Therefore, due to the knowledge gap, cryptos might be ‘failing its mission of financial inclusion,’ as per the research.
Having said that, New York Mayor-elect Eric Adams has recently stated that schools should teach cryptocurrency and its technology in its curriculum in a recent interview with CNN. He said,
“When I talked about blockchain and Bitcoins, young people on street stopped and asked me, ‘What is that?’”
His comments come after he said he would accept his salary in Bitcoin. However, former top economic adviser Jason Furman had called it a ” bad economic strategy for NYC.”
Not only is this a bad economic strategy for NYC and a bad investment decision, it also seems like a conflict of interest.
Like a Mayor announcing “I’m buying a lot of Amazon stock and then going to put in places policies to benefit Amazon.”https://t.co/kuSQ06KVj4
— Jason Furman (@jasonfurman) November 5, 2021
In response, Adam debated making NYC the ‘center of innovation.’ He explained,
“I’ve lost thousands of dollars in the stock market during the stock market crash…volatility is part of some of the investments that we make.”
Recently, Miami Mayor Francis Suarez had made a similar proposition. It is noteworthy as Suarez is a vocal Bitcoin proponent and has won a sweeping victory in the recent re-election. Suarez had reportedly scored nearly 78.6% of all votes with MiamiCoin Wallet his major city fund project. Moving forward, NYC coin might also be something that Adams is expected to explore as well. Additionally, Miami has been pushing payment of tax and fees to be allowed in Bitcoin along with payment to employees.
Is Adams willing to take a similar route here? In the context of encouraging businesses in New York City to accept Bitcoin and other cryptocurrencies as payment, he said,
“We are going to look at it, and we are going to tread carefully. We are going to get it right.”
This is considering New York is one of the leading mining destinations within the US. As per Foundry USA research findings, 19.9% of Bitcoin’s hash rate is in New York.
The reason why another mayor candidate Andrew Yang had also promised crypto-friendly policies to NYC residents back in February.
As mayor of NYC – the world’s financial capital – I would invest in making the city a hub for BTC and other cryptocurrencies.
— Andrew Yang🧢⬆️🇺🇸 (@AndrewYang) February 11, 2021
Meanwhile, several cities in the State of Texas are also attracting businesses on the back of its policies. For example, the city of Rockdale is home to the largest Bitcoin mine in North America. The reason why New York-based mining firm Greenidge Generation had recently stated that it was exploring expansion opportunities in the state of Texas.
Earlier this year, New York attorney general Letitia James had warned that,
“We’re sending a clear message to the entire industry that you either play by the rules or we will shut you down.”
Lately, the State of New York has been exerting increasing regulatory pressure on crypto platforms within its jurisdiction. Last month, multiple exchanges were put under the radar.
BREAKING: New York Attorney General (NYAG) has sent cease and desist orders to multiple crypto lending platforms. They've also reopened an inquiry into Tether, now demanding details about their suspicious transactions, clients, contracts, and more. pic.twitter.com/v8n6l2Yco1
— Mr. Whale (@CryptoWhale) October 18, 2021