New York City must welcome this new innovation to ensure that our City maintains its status as a technological, economic, and cultural leader.
On both the national and international stage, New York City has long been the center of innovation and cutting-edge technologies. As new technologies emerge, New York City has always quickly welcomed new innovation, which in turn, helps to create jobs, boost our economy, and progress our City forward. Now, as cryptocurrencies span the national and international stage, New York City must welcome this new innovation to ensure that our City maintains its status as a technological, economic, and cultural leader.
Over the past decade, cryptocurrencies have boomed in popularity and usage worldwide. Current projections estimate that global cryptocurrency markets will reach $4.94 billion by the year 2030. Highlighting cryptocurrency’s rapid proliferation, this projection is more than triple the global market cap projection from just last year (estimated at $1.49 billion in 2020). And recently, in August 2021, Allied Market Research released a report showing a projected compound annual growth rate of 12.8% between 2021 and 2030 for cryptocurrencies.
The rapid increase in cryptocurrency popularity has been largely attributed to the demand for currency and operational efficiency; data security and transparency in financial payment systems; and financial independence. Projections for even further growth are attributed to the adoption, acceptance, and use of cryptocurrencies by banks, financial institutions, and countries.
Cryptocurrency is expected to grow rapidly as more industries accept it as a payment method. Big tech, airlines, and athletic organizations have already begun to accept and remit payments in cryptocurrency as an official method of financial transactions. Specifically, in banking, cryptocurrency offers financial advantages, like greater transparency and secured storage of consumer information.
In September 2021, the country of El Salvador officially adopted the cryptocurrency Bitcoin as legal tender. Moreover, the U.S., Canada, and the U.K. allow for the use of bitcoin for transactions. Currently, San Francisco, Los Angeles, Miami, and other U.S. cities are leading the charge of cryptocurrency innovation nationwide, while New York is lagging behind.
As NYC Mayor, I will work with cryptocurrency experts, consumers, and stakeholders to discuss ways to make New York City a hub of innovation and development for cryptocurrency. To achieve this goal, I will create a “Cryptocurrency Task Force” to create tangible, implementable policies on cryptocurrency technologies. Some of the policies that the “Cryptocurrency Task Force” will examine are:
- Allowing City employees to receive salaries (either in full or partially) in cryptocurrency,
- Creating and expanding the use of cryptocurrency ATMs throughout NYC,
- Incentivizing small businesses and corporations to begin using and accepting cryptocurrencies,
- Allowing City residents to pay taxes, fines, and fees in cryptocurrency,
- Issuing tax credits and government benefits in cryptocurrency, and
- Incentivizing cryptocurrency operations and start-ups to come to New York City.