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Andrew Yang plans to transform New York into Bitcoin Hub

Andrew Yang plans to transform New York into Bitcoin Hub

Andrew Yang, the New York City Mayoral candidate, declared that he plans to transform New York City into a hub for Bitcoin and other cryptos. He notes the city to be the world’s financial capital. The former presidential candidate commented on a tweet earlier today, which attracted a flurry of mixed responses. Some declare it to be a campaign-selling movement, and others are comparing it to political suicide.

Nonetheless, the most surprising response was the demand that Yang exercises his powers, if elected, to terminate the BitLicense. The New York Department of Financial Services established BitLicense. The CSO of digital assets management company CoinShares, Meltem Demirors, stated that Yang deals with high state taxes and BitLicense makes his idea a reality. However, New York has established regulations that have retained some firms working in its borders. This incorporates the New York State Department of Financial Service’s BitLicense framework.  

Andrew Yang: A great proponent of Bitcoin and cryptocurrencies

Earlier, Yang contended for President before dropping out of the Democratic primary in February of 2020. Yang has been promoting crypto for a long time and holds Bitcoin himself. His presidential platform involved a plan to regulate digital assets at the national level during his presidential campaign. He also supported blockchain voting. Yang was the only competitor to put forth a crypto-specific policy throughout his campaign. Recently, Yang is heading the polls for the Democratic primary of the Mayoral race.

Contrary to his political opponents, Yang has vocalized his support for Bitcoin on various occasions in the past two years. Moreover, his sincere beliefs have merited him the title of “Best President for Bitcoin” from some cryptocurrency community. However, in a recent interview with Forbes, Miami Mayor Francis Suarez considered paying city employees in Bitcoin to promote cryptocurrency adoption. Yang drifted a comparable idea in a Sept. 2019 interview, explaining the advantages of a government-issued, digitally-based “social currency,” which could equate 1:1 with the U.S. dollar.  

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