Bitcoin-Friendly Mayors View Blockchain as a Way to Boost Equality, Diversity

New York City’s Eric Adams and Miami’s Francis Suarez also discussed how the U.S. can embrace blockchain technology to defy authoritarian regimes.

AccessTimeIconMar 16, 2022 at 12:23 a.m. UTC
Updated Mar 16, 2022 at 2:32 p.m. UTC

Krisztian Sandor is a reporter on the Crypto Explainer+ team. He has written for Forbes and Reuters. He holds BTC and ETH.

Bitcoin-friendly mayors Francis Suarez of Miami and Eric Adams of New York City view blockchain technology as a way to increase equality and diversity in their respective cities, and also to disrupt authoritarian regimes.

“We have a generational opportunity to outmaneuver countries such as China, Russia and other parts of the world that try to steal our technology,” Suarez said during a panel discussion at fintech investment firm Inveniam’s Web 3-focused conference on Wednesday. He added that states that “ban technologies they cannot control commit a mistake,” and that the U.S. has to be ready to seize the opportunity to become a leader.

The event in Miami took place as that city and New York City race to become a hub for the fast-growing digital asset industry and attract blockchain businesses with high-paying jobs.

Adams stressed that blockchain technology can help combat income inequality and serve as a tool for giving incentives to residents. He said governments can use blockchain technology to send food stamps directly to digital wallets, put public records on the blockchain, or give out a dollar-to-dollar reimbursement for such products as healthy baby food.

He also said that he is “going to build a blockchain and crypto educational platform” for young people and will “give them cryptocurrency” to learn about the technology.

Earlier in his keynote speech, Suarez said Miami’s local government created “a back-office concierge service to help companies with onboarding and relocating” in the city.

Both mayors are known for their crypto-friendly agenda and public announcements to take their salaries in bitcoin (BTC). Adams, who was sworn in on Dec. 31, promised to convert his first three paychecks into the largest cryptocurrency by market capitalization. Suarez reiterated that he took all his pay in bitcoin starting in December.

Crypto has assumed a new focus in politics in recent weeks as the U.S. and ally countries attempt to isolate Russia from the global financial system with sanctions for invading Ukraine. The U.S. has been monitoring whether Russia has been using crypto to evade sanctions, and it has been pressuring crypto companies to join those from other industries in halting services for Russian nationals.

While China banned all cryptocurrency transactions in 2021 besides its central bank-issued digital currency, the U.S. government plans to create a regulatory framework for digital assets.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Krisztian Sandor is a reporter on the Crypto Explainer+ team. He has written for Forbes and Reuters. He holds BTC and ETH.

CoinDesk - Unknown

Krisztian Sandor is a reporter on the Crypto Explainer+ team. He has written for Forbes and Reuters. He holds BTC and ETH.

Trending

1
CoinDesk - Unknown
Hard Times in Crypto: the Unintended Consequences of Going Public

The third and final reflection on a series of risks we’re thinking about during these crypto down days.

CoinDesk - Unknown
2
CoinDesk - Unknown
After Bitcoin Maximalism

A Twitter debate sparks much reflection.

CoinDesk - Unknown
3
CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
4
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown