Entrepreneur and Democratic candidate for New York mayor Andrew Yang said that if elected he would turn the city into a hub for Bitcoin and other cryptocurrencies.
As mayor of NYC — the world’s financial capital — I would invest in making the city a hub for BTC and other cryptocurrencies.
— Andrew Yang🧢🗽🇺🇸 (@AndrewYang) February 11, 2021
This statement drew mixed reactions in the community. Binance CEO Changpeng Zhao предложил помощь, while science journalist Erin Biba criticised the plan.
Does Yang have even the slightest clue about the massive environmental impact of something like this? Does he even give a single fuck about fighting climate change?
How is it possible this guy gets worse every time he speaks.
He literally has zero clue what NYers want. https://t.co/PJSVDlRR8A
— Erin Biba (@erinbiba) February 12, 2021
Did Yang have even the slightest idea about the environmental scale of something like this? Does he even care about fighting climate change? wrote Biba.
One user published a wry comment. He argued that turning New York into a Bitcoin hub is precisely what the average resident, who faces soaring rents and crumbling infrastructure, needs.
Finally what the average New Yorker with soaring rents and crumbling infrastructure needs… https://t.co/wpW4cRN6Ue
— Patrick Skinner (@SkinnerPm) February 12, 2021
CoinShares’ Head of Growth Meltem Demirors noted that to realise Yang’s plan he would have to contend with high taxes and the BitLicense — one of the strictest state-level rules.
no one wants to pay NYC’s absurd taxes + the tax of the NYDFS bitlicense
unless there’s a plan to cut the city budget drastically, i don’t see how any crypto company wants to operate in an environment with high income, corporate, and real estate taxes + sales tax on top https://t.co/f7VGB7fyh2
— Meltem Demirors (@Melt_Dem) February 11, 2021
In 2017 Yang joined the race for the U.S. presidency as a Democratic candidate. He advocated nationwide cryptocurrency regulation, proposed a clear tax policy, and defined the token status (recognising the existence of utility tokens).
In July 2019 his supporters launched the independent political-action committee Humanity Forward Fund and enabled Bitcoin donations via Lightning wallets.
In February 2020 the businessman announced the end of his campaign.
In December that year Yang submitted documents necessary to begin fundraising for a bid to become New York mayor.
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