Is the New York City Coin [NYCCoin] project a failure?

Sahana Kiran
New York
Source – Unsplash

The residents of New York City were overjoyed with the introduction of their very own crypto coin. However, the city’s crypto initiative did not go as anticipated.

Following in the footsteps of Miami, CityCoins teamed with New York City to launch NYCCoin. This crypto initiative not only allowed people to invest in it but also allowed them to mine the asset. However, a portion of the asset would be handed to the city’s cryptocurrency wallet. While this appeared to be a sound strategy, it was recently revealed that New Yorkers could not buy or trade the NYCCoin, a crypto asset created specifically for them.

Many promising ideas have been stymied by New York’s BitLicense, and now NYCCoin was doomed. The state’s authority makes acquiring a BitLicense essential for all crypto companies in the state. Because obtaining the license was a difficult procedure, numerous platforms had left the region. While many people wish to see BitLicense die, NYCCoin appeared to be condemned from the outset.

But why is BitLicense essential for the NYCCoin? It was discovered that none of the exchanges that had procured BitLicense had listed New York City’s native crypto.

Speaking about the same, the lead community developer of CityCoins, Patrick Stanley said,

“BitLicense functions as an onerous obstacle that limits innovation. The City of New York is reviewing how they could accept and use the funds, but if there’s a lack of imagination, Miami is the model.”

However, Miami’s Mayor Francis Suarez, unlike Eric Adams has been endorsing MiamiCoin.

How is New York City’s crypto doing?

Despite actively promoting MiamiCoin, the asset was dropping by almost 10% at press time. NYCCoin, on the other hand, was up by nearly 5% over the last 24-hours. The asset was trading for $0.00001644.

In addition, the daily trading volume of the asset was at a low of $323.26. On the contrary, these numbers were up by 189.91%.