2 days ago
New York City’s Comptroller has dismissed a program by Mayor Eric Adams to backmost municipal bonds with bitcoin BTC, calling it “legally dubious and fiscally irresponsible.”
Comptroller Brad Lander, who co-manages the city’s indebtedness issuance, rejected the connection conscionable days aft Adams pitched the alleged “BitBond” to a assemblage astatine a bitcoin league successful Las Vegas.
“Cryptocurrencies are not sufficiently unchangeable to concern our city’s infrastructure, affordable housing, oregon schools,” Lander said successful a property release. He added that specified a determination could shingle capitalist assurance and tally afoul of national taxation law.
The thought is portion of Adams’ broader propulsion to presumption New York arsenic a planetary crypto hub. Since taking office, helium has converted paychecks into crypto and launched a integer plus advisory council.
But Lander pushed backmost against the bond, which could usage immoderate of the proceeds to bargain BTC. He argued that the city’s borrowing strategy is grounded successful the U.S. dollar, and immoderate deviation would necessitate mechanisms that the metropolis doesn’t have, similar converting bitcoin into currency for nationalist spending.
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