Andrew Young, the leader of the Democratic Party as the next mayor of New York, said he wants to make New York “a hub for bitcoin and other cryptocurrencies,” indicating that the city will become the “world capital.” ”

The former presidential candidate made the comment in a tweet earlier today, prompting a wave of controversy, with some calling it a campaign that sells maneuvers, while others likening it to political suicide.

However, the most consistent response was to ask Young to use his powers, if elected, to terminate the BitLicense issued by the NYC Department of Financial Services. Meltem Demirors, CSO of digital asset management company CoinShares, suggested that Young would have to deal with high government taxes and Bitlicense to make his plan a reality.

In a recent interview with Forbes, Miami Mayor Francis Suarez discussed the possibility of paying city officials in bitcoin to spur cryptocurrency adoption in the region. Yang actually came up with a similar idea in an interview in September 2019, which describes the benefits of a publicly issued digital “social currency” that can be exchanged for US dollars at a 1: 1 ratio.

In a recent poll he conducted in front of Brooklyn President Eric Adams and Mayor Scott Stringer, Ian is currently leading the Democratic scene in popularity and voter acceptance.

Unlike most of his political colleagues, Yang has expressed support for Bitcoin on several occasions over the two years since he was on the radar of mainstream media. His outspoken faith earned him the title of “Best Bitcoin President” by anyone in the cryptocurrency community.

New York has a complicated relationship with Bitcoin. The introduction of the BitLicense in 2015 was initially seen as a disaster that could stifle financial technology innovation by imposing strict restrictions on the use of cryptocurrencies. However, it will pay off in 2020 thanks to the clarity of regulation under Bitlicense, allowing giants like PayPal, Gemini and Coinbase to lure deep pockets on Wall Street.

In 2019, ahead of his candidacy for the presidency, Yang argued that Congress lacks the basic knowledge needed to pass effective cryptocurrency legislation, and that countries ahead of the US in regulation will ultimately apply the rules we must follow. when we come again. … ”

Yang was reportedly on the list of potential candidates for the post of trade secretary under the Biden administration. Yang received only 0.45% of the vote in the 2020 Democratic presidential election, Yang was ousted on February 11, 2020 and approved by Biden the following month. In January, he announced that he was running for mayor of New York.

Source: CoinTelegraph