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Eric Adams, Mayor-Elect of NYC, Wants Schools to Teach About Crypto

Eric Adams

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New York City Mayor-elect Eric Adams believes that young students should be taught about cryptocurrencies and blockchain technology in classrooms. Adams has said that he intends to make New York City a cluster for crypto-business development.

In an interview with CNN, Eric Adams laid out his thoughts on cryptocurrencies such as Bitcoin, describing them as “a new way to pay for goods and services around the entire world.” He also said that schools “must” teach the technology behind cryptocurrencies (the blockchain), as “this is a new way of thinking.”

“When I talk about blockchain and bitcoins, young people on the street stop and ask me ‘what is that,'” the mayor-elect continued in his interview. Eric Adams also claimed to be considering incentivizing businesses in New York City to accept cryptocurrencies as a method of payment. However, he clarified that “you have to aim carefully” with respect to this policy.

Eric Adams, La ciudad de Nueva York continua siendo el principal centro de criptonegocios en Estados Unidos. (EFE)
New York City remains the main crypto business center in the U.S. (EFE)

Since winning the New York City mayoral election, Adams has become a booster of cryptocurrency adoption in the city and asked that his first three paychecks as mayor be given to him in bitcoin.

Adams has to some extent replicated the speech of Miami Mayor Francis Suárez, who has also asked to be paid his salary entirely in bitcoin and has been a promoter of cryptocurrency adoption in the city of Miami, asking the County Council to consider paying part of public officials’ salaries in cryptocurrencies.

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Facing opposition

Adams’ election could change somewhat the antagonistic attitude that New York City and New York State public officials have toward cryptocurrencies.

Although New York State continues to be the main hub for Bitcoin mining and the main home of crypto businesses, they face increasing scrutiny from authorities as their activity expands.

New York State Attorney General Letitia James announced in October that she would force unregistered crypto companies in the state to shut down. The crusade to force crypto businesses to “formalize” has already caused the closure of two in the state of New York.

Meanwhile, the New York State Senate is considering legislation that would ban bitcoin mining within the entity.

Jason Furman, a former advisor to President Barack Obama, stated that Adams’ stance is not only ” is this a bad economic strategy for NYC and a bad investment decision, it also seems like a conflict of interest,” indicating that Adams cannot invest in bitcoin and other cryptocurrencies while promoting legislation that favors them.

Responding to Furman’s criticism, the mayor-elect said he respected the economist’s opinion but was emphatic that he was using his personal money.

“I lost thousands of dollars in the stock market during the stock market crash in my pension fund. Volatility is part of the investments we make,” Adams said in response to Furman’s comments.

“I want to make sure that the city becomes a hub for innovation, no matter what the innovation is, and that’s what the human spirit is all about: not being afraid to look at all areas of innovation as we move forward with our country and city,” Adams concluded.