Quick Highlights
- Mayor Eric Adams will push to bring more fintech jobs and fintech investment into NYC by creating a Digital Assets Advisory Council.
- Vital records such as birth and death certificates and blockchain tech to be used.
- Pilot experiments with the acceptance of crypto to use city services will be introduced soon.
- Adams underlines the strength of crypto community and restates the leadership goals of NYC.
- Participants in the industry take part in joint workshops to formulate the crypto strategy in the city.
How to make NYC the Crypto Capital of the World
Mayor Eric Adams, a digital finance advocate, recently made a significant step to combine efforts to make New York a digital financial powerhouse by creating a Digital Assets Advisory Council at the inaugural NYC Crypto Summit.
Adams added, my aim will be the same as it was on day one as the mayor, to make New York City the crypto capital of the world.
The council, the chairperson and the policy recommendations of which will be unveiled in weeks to come, will be designed to lure fintech jobs and the long-term investment into the economy of Manhattan.
Blockchain to Good Governance
Alongside the mere financial possibilities, Adams is interested in using blockchain to streamline the services provided in the municipalities.
It is not about being trendy or going after memes, he indicated. Our slogan is, We want to utilize tomorrow technology so we can be able to serve New Yorkers tomorrow better today.
Among the identified possible applications, one can distinguish the securing of key documents, including birth and death certificates, by blockchain, and providing their confidentiality and accessibility by the families.
Public Services to Use Crypto?
Matthew Fraser, the NYC CTO, sounded the sense of urgency in terms of adopting innovation, citing financial inclusion as a priority.
This has nothing to do with innovation. This is survival, Fraser said.
He dropped a hint of future pilot programs in which residents would be able to use crypto to pay city services without owning or operating a bank account, a missed opportunity in the underbanked community.
A Visionaries Council
In typical adventurer fashion, Adams related himself to Star Trek captain Kirk going off on an adventure to discover new space and is now seeking to find his Spock, the visionary leaders who will aid in leading NYC on a crypto quest.
You were vilified, you were demonized… But you survived it, he said to crypto advocates, admitting their strength. It is admirable how you are resilient and everything will be paid off.
An NYC New Era
The summit culminated in the collaboration sessions that saw industry players exchanging ideas, opportunities and possible barriers. The finest observations will be picked up at the office of the mayor—this is to make sure that the voice of the community is included in the roadmap of the city.
The conversion of his early Bitcoin paycheck to native currency is still fresh in the memory of the industry, and Mayor Adams has taken a leading role in promoting crypto—both rhetorically and by acting in an extremely aggressive manner.
Keep watching as New York City strives to establish itself as an actual international center of digital assets and blockchains.