The adoption of cryptocurrencies by individuals, companies and organizations seems unstoppable. And it is that, although central governments are still not convinced that virtual currencies such as Bitcoin are a good idea. Already, several local governments are working to incorporate crypto assets within their jurisdictions. Therefore, if Democrat Andrew Yang wins mayor, 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 that cities and states are the first to accept the use of cryptocurrencies. Well, it is not only that virtual currencies like Bitcoin favor this process due to their own programming based on decentralization. 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, its power over the currency used by its citizens would be strongly diminished with the consolidation of cryptocurrencies such as Bitcoin. Local governments have no influence over the national money market, and therefore have greater freedom to explore new options.
Thanks to this, we see statements such as those of the mayor of the city of Miami, Francis Suarez, who has committed to making his city the most friendly for digital assets in America. Taking steps towards the legalization of the payment of wages and the collection of services in Bitcoin. A trend that could soon be followed by New York City, if Democrat Andrew Yang finally wins mayor.
Andrew Yang’s crypto vision for New York
Thus, Andrew Yang, who was a pre-candidate for the presidency for the Democratic party, would have promised through a message on Twitter, that if he manages to conquer the mayor of New York, the city will be the center of Bitcoin and other cryptocurrencies in America . A prospect that seems possible, considering that so far he is the Democrat with the best chance of obtaining the party’s nomination in the race for mayor of New York.
«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 cryptocurrencies.».
Immediately the reactions coming from the crypto community have started to arrive. With crypto influencers such as 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 becomes mayor of New York, Andrew Yang will face great challenges. Including the administration of the BitLicense, a license to carry out activities with virtual currencies in the city of New York, which is rejected by many as contrary to the development of the crypto world, while others praise it for the regulatory clarity it offers.