New York Mayor Eric Adams: the city will create its own cryptocurrency CityCoins 
The CityCoins platform will create a municipal token for New York, NYCC said Twitter Mayor Eric Adams. The project will be launched to attract investment to the city budget. New York will become the second American city with its own cryptocurrency.
The mining of the token on the CityCoins platform will start on November 11 and will be carried out in the most environmentally friendly and energy efficient way – using staking. Staking is the fact that users store coins on the Proof of Stake (PoS) algorithm and thus ensure the operability of the blockchain, receiving a reward. Unlike mining, staking allows you to mine new blocks without using large computing power. Developers will be able to create smart contracts and decentralized applications based on NYCCoin.
NYCCoin mining revenue will be split in two. 70 percent will be received by the “miners” themselves, and 30 will go to the city treasury. The funds received by the city will be used to implement city initiatives and finance activities. The project was initiated by the city community of New York and Mayor Adams himself, who took office in early November. The head of the city pays great attention to cryptocurrencies: he announced that he intends to receive the first three salaries in a new post in bitcoins, and supported the idea of teaching the basics of cryptocurrencies in schools.
The first city in the US and in the world to create its own digital money was Miami. In August, the city launched its MiamiCoin project on the CityCoins platform. Staking profits are distributed in the same way as NYCCoin. Miami Mayor Francis Suarez plans to make millions of dollars from the city's cryptocurrency. According to him, the funds will be used to finance infrastructure projects and city events.
November was a very successful period for crypto projects. The cryptocurrency market set a record on November 8: the total value of all tokens exceeded $ 3 trillion for the first time. Capitalization reached its maximum after the rise in bitcoin price to 66.3 thousand dollars. A little later, the first currency also broke the record, surpassing $ 69,000 for the first time.