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  • New Yorkers can't actually buy and sell the city's namesake token, a Bloomberg report found.
  • Crypto exchanges offering NYCCoin don't have a BitLicense, which is required to operate in the state, Bloomberg said.
  • The lack of trading ability is a setback for a city working to rival Miami as the US crypto hub.

New York wants to compete with Miami as the US crypto hub, but its residents can't even trade the city's namesake digital token.

According to a report from Bloomberg News, New Yorkers can only mine — not buy and sell — the city's namesake token because no crypto exchanges that offer NYCCoin have what's known as a BitLicense, which is a state requirement for crypto platforms operating there.

Meanwhile, the ability for Miami residents to actually trade MiamiCoin gives the Florida city an edge over its northern crypto rival.

NYCCoin was created in November, and about 3 billion coins have already been mined, according to CityCoins, the token developer that allocates a percentage of rewards to local governments when coins are bought or mined.

The token, Bloomberg said, doesn't have an official affiliation with the city. Local officials did not immediately respond to Insider's request for comment. 

New York City Mayor Eric Adams, who was elected to office last year, has said in the past he wants to transform the city into a crypto hub to rival the likes of Miami, a headquarters for many crypto companies and home to bitcoin-loving Mayor Francis Suarez.  

In November, Adams tweeted that he'd take his first three paychecks in bitcoin — a similar move to Suarez — and said, "NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!"

According to CityCoins, about 4 billion MiamiCoins, which were created in August, have already been claimed. Neither of the cities' tokens are worth much, though. Miami's is valued at $.0034, while New York's is $.0019, CoinMarketCap data show.

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