- NYC plans to issue BitBond a Bitcoin-backed municipal bond, announced at Bitcoin 2025.
- Mayor Adams seeks to repeal the BitLicense, aiming to revive New York’s crypto sector.
- New York will use Bitcoin blockchain for birth certificates and allow taxes to be paid in Bitcoin.
New York City Mayor Eric Adams has confirmed plans to introduce a municipal Bitcoin-backed bond, which he referred to as “BitBond.” During his speech at the Bitcoin 2025 conference in Las Vegas, Adams announced that the city will design financial tools for Bitcoin enthusiasts.
He stressed that New York is “the Empire State” and invited crypto businesses to return, urging them to help transform New York into a global leader in digital finance.
Adams stated, “It’s time for the first time in the history of the city to have a financial instrument made for those who are holders of Bitcoin. I believe we need to have a BitBond, and I am going to push and fight to get a BitBond in New York.” If approved, New York City would be the first major city in the U.S. to issue Bitcoin-backed municipal bonds, which would be targeted at both institutional and retail crypto investors.
The move is designed to reverse New York’s reputation as a difficult jurisdiction for crypto startups. Adams emphasized his commitment to making the city a hub for innovation, saying, “Come back home, you have a mayor that is the crypto mayor, is the BTC mayor, and I want you back in the city of New York.”
Push to Eliminate BitLicense and Foster Crypto Innovation
Alongside the BitBond announcement, Mayor Adams called for the elimination of the New York BitLicense, a regulatory framework widely criticized for stifling crypto business growth in the city. He argued that the license creates unnecessary hurdles, causing companies to relocate to more crypto-friendly regions. The state’s own comptroller, Thomas DiNapoli, has echoed concerns about the management and impact of BitLicense.
“Let’s get rid of the BTC license and allow us to have a free flow of Bitcoin in our city,” Adams declared at the conference. He encouraged policymakers to create an environment where entrepreneurs feel welcome, rather than criminalized, and highlighted his administration’s efforts to shift New York’s approach from crypto-averse to crypto-friendly.
Industry leaders and community members have frequently pointed out that BitLicense requirements slow down innovation. Many hope that eliminating the rule could spark a wave of new business activity and technology development in New York.
Bitcoin Integration Plans: From Birth Certificates to Tax Payments
The mayor also outlined how BTC and blockchain technology may be used in the city’s operations. He stated that New York City would begin using the Bitcoin blockchain for official records, including birth certificates. Additionally, the city wants to allow people to pay fines and taxes using BTC, meaning citizens would find it simpler to pay with digital assets and interact with the government.
Adams closed his remarks by underscoring the need for educational outreach. He stated that the city will help young people understand and participate in the cryptocurrency industry. He urged the community to remain proactive, warning, “If you don’t, elected officials will use theirs to destroy your industry. You must win.”
Related Reading | LIBRA Scandal Escalates as Circle Freezes $57.5 Million in USDC Tokens
