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Home web3.0 NYC Will Be the First City to Issue a Bitcoin-Backed Bond

NYC Will Be the First City to Issue a Bitcoin-Backed Bond

May 29, 2025 am 10:54 AM

Mayor Eric Adams, while talking at the ongoing Bitcoin conference, has revealed New York City will be the first city in the world to issue a Bitcoin-backed bond

NYC Will Be the First City to Issue a Bitcoin-Backed Bond

Mayor Eric Adams has revealed that New York City will become the first city in the world to issue a Bitcoin-backed bond, known as a BitBond.

The mayor, who is known for his pro-crypto stance, made the announcement while speaking at the Bitcoin 2025 conference on Thursday.

During his speech, Mayor Adams highlighted his commitment to introducing this new financial instrument and also expressed his intentions to eliminate the New York BitLicense.

“This year, we will introduce a new financial instrument that will provide Bitcoin holders with the opportunity to invest in bonds issued by New York City,” Mayor Adams stated.

His remarks come after he and Chief Technology Officer Matthew Fraser hosted New York City’s first crypto summit earlier this month.

The summit brought together prominent founders, CEOs, and investors from the cryptocurrency, blockchain, and fintech industries to discuss how the growing cryptocurrency industry can boost the economy, attract top talent, and inspire innovation in New York City.

In his opening remarks at the summit, Mayor Eric Adams announced the development of a digital assets advisory council designed to help bring jobs and investment to New York City.

“My goal remains the same as it was day-one as mayor: making New York City the crypto capital of the globe,” said Mayor Adams. “We will be creating a digital asset advisory council to help bring big fintech jobs and investment right here to the Big Apple.”

Mayor Adams did not share further details about the council, but he indicated that the chair of the council and key policy recommendations would be announced in a couple of weeks.

“This is not about chasing memes or trends,” Mayor Adams stated. “We want to use the technology of tomorrow to better serve New Yorkers today.”

News data source: kdj.com

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