The adoption of digital currency by individuals, companies and organizations seems unstoppable. And it is that, although the central governments still are not convinced that virtual currencies like Bitcoin are a good idea. Several local governments are already working to incorporate cryptocurrencies into their jurisdictions. That’s why if Democrat Andrew Yang wins the mayoralty he has already promised that New York will be the center of Bitcoin in America.
When you think about it, it makes perfect sense in the world for cities and states to be the first to accept the use of digital currency. So, it’s not just that virtual currencies like Bitcoin favor this process because of their own decentralization-based programming. But in addition, local governments do not have the same incentives as national ones to go against the crypto world.
This is so, while national governments have a monopoly on monetary policy. And therefore, their power over the currency that their citizens use would be greatly diminished with the consolidation of digital currency like Bitcoin. Local governments have no influence on the national money market, and therefore have greater freedom to explore new options.
Thanks to this, we see statements like those of the mayor of the city of Miami, Francis Suarez, who is committed to making his city the friendliest for digital assets in America. Taking steps towards the legalization of the payment of salaries and the collection of services in Bitcoin. A trend that could soon be followed by New York City, if Democrat Andrew Yang finally wins the mayoralty.
Andrew Yang’s crypto vision for New York
Thus, Andrew Yang, who was a pre-presidential candidate for the Democratic party, would have promised through a message on Twitter, that if he manages to conquer the mayoralty of New York, the city will be the center of Bitcoin and other currencies. digital in America. A perspective that seems possible, considering that so far he is the Democrat most likely to get the party’s nomination in the race for New York mayor.
«As mayor of New York, the financial capital of the world, he would invest in turning the city into a hub for BTC and other digital currency.».
Immediately reactions from the crypto community began to arrive. With crypto influencers of the stature of Changpeng Zhao, CEO and founder of Binance, Offering his help to Yang to achieve his goal if he is finally elected mayor of New York.
If he finally reaches the mayoralty of New York, Andrew Yang will face great challenges. Including the administration of BitLicense, a license to conduct virtual currency activities in New York City, which is rejected by many as contrary to the development of the crypto world, while others praise it for regulatory clarity. that offers.