New York City isn’t the most cryptocurrency-friendly location. Despite some positive ventures, the overall sentiment is pretty lackluster. That is coming to change soon, as a Blockchain Center is being set up. Additionally, other initiatives are also on the horizon. Making New York a blockchain technology hub will take a fair bit of effort, though.
New York is best known for its BitLicense regulation. This legal requirement makes the city and state unappealing to cryptocurrency ventures. Turning that situation around will not be easy. Even so, the New York City Economic Development Corporation is looking to launch a Blockchain Center. This is one of the many initiatives to turn this major city into a global blockchain hub.
A Blockchain Center in New York City
The Blockchain Center will focus on promoting awareness of blockchain technology. Additionally, it will open gateways for communication between industry stakeholders. This open dialog-approach will hopefully pave the way for a proper regulatory framework. The NYCEDC even aims to achieve some revisions to BitLicense. That may prove to be a bigger hurdle than originally anticipated.
Bringing blockchain technology to the real world won’t be easy. There are hundreds of possible use cases, but no viable infrastructure to speak of. A content will be organized by the NYCEDC to collect new use cases for blockchain technology in terms of municipal services. It is unclear which options will be explored, as there is no “fixed’ plan of action as of right now.
It is a commendable effort to bring positive attention to New York City. With this venture, thousands of new jobs can be created in the process. The Blockchain Center will also receive $100,000 in funding to get through the first year. Getting people excited about blockchain technology has been an ongoing issue for some time now. A Blockchain Center of this magnitude may offer some welcome relief.
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