Champing at the Bitcoin: Eric Adams should explore potential benefits of cryptocurrencies for NYC, but with great caution

While Adams’ proclamation may have been a stunt intended to drive home that he’ll be a business-friendly mayor, it points to an openness to exploring the use of cryptocurrencies and blockchain — the distributed, immutable digital ledger that enables these currencies to have value, and creates trust on both ends of transactions — in city governance. Indeed, the tweet was in response to Miami Mayor Francis Suarez, who instituted a municipal cryptocurrency in his city that, very basically, kicks some of the revenue generated from the coins produced and traded on a cryptocurrency exchange to the city government.