NY Mayor establishes digital advisory board to make New York America's crypto hub

New York Mayor Eric Adams has announced the creation of a digital advisory board to position the city as a leading cryptocurrency and blockchain technology center.

The announcement was made during his address at the New York digital currency summit on May 20, marking a significant milestone in the city's digital transformation strategy.

The newly formed board consists of cryptocurrency and blockchain experts tasked with identifying practical applications of digital asset technology across key sectors that serve New Yorkers while attracting strategic investments. 

Adams indicated that official appointments, including the board chair selection, will be revealed shortly, with comprehensive policy recommendations expected within weeks.

A cornerstone of the initiative involves leveraging blockchain technology to enhance data security for city residents. 

Adams explained that the city is exploring blockchain applications for storing and managing sensitive municipal records, including birth and death certificates, to ensure both privacy protection and improved accessibility for citizens.

The mayor also revealed plans to modernize the city's financial infrastructure by investigating cryptocurrency payment options for certain taxes and municipal services. 

This represents a forward-thinking approach to integrating digital currencies into everyday government operations.

The digital transformation effort has garnered substantial private sector support from major companies including Figg, a financial services specialist, along with investment firms Traction and Scale. 

This public-private partnership approach aims to create a robust economic environment centered on digital currencies and blockchain innovation.

Since assuming office in January 2022, Adams has consistently demonstrated his cryptocurrency advocacy, notably converting his first three mayoral salaries into Bitcoin as a symbolic gesture of his commitment to digital transformation. 

His vision has gained traction at the state level, where senior officials are actively working toward establishing a legislative framework designed to attract cryptocurrency and blockchain businesses to New York, reinforcing the state's ambition to become America's premier digital asset destination.

Source: Arabic Trader