Applications and Use Cases

NYC Comptroller Candidate Unveils Blockchain and Cryptocurrency Proposal for City

April 23, 2021

Last week, Patel unveiled a formal plan for this future-proofing that is centered around investments in blockchain businesses and cryptocurrencies. Her proposal, if put into play, would increase the city’s efficiency in approving contracts, spur new businesses to operate within the city and diversify local pension funds.

“My reason for running for comptroller is I’m concerned about the long-term financial health of New York City, especially after the COVID-19 pandemic,” Patel told CoinDesk.

In the specifics of the plan, New York’s five retirement systems would invest up to three percent of their funds into cryptocurrencies, and the city itself would invest in funds with blockchain exposure to help support fintech startups. New York City would use a blockchain-based system for its procurement contracts. Additionally, Patel also wants to work with the New York Department of Financial Services to streamline the BitLicense.

The goal is to add transparency to the city’s procurement processes, while simultaneously making it more secure. Tracking changes and budget issues on a decentralized ledger would make it easier for different parties to be involved while maintaining transparency around the budgeting and procurement process, said Patel.

“With inflation expected to rise in the next few years, and bitcoin expected to continue its checkered but consistent upswing to ‘the moon,’ a minimal allocation to the most dominant of all cryptocurrencies can help diversify and protect the City’s pension fund investments,” according to Patel’s proposal.

For more information about consumer and enterprise blockchain technology and its applications, including cryptocurrency, plan on attending The Blockchain Event June 22 to 25, 2021 as part of the #TECHSUPERSHOW at the Miami Beach Convention Center. The Blockchain Event helps decision-makers, technologists, and developers understand the value of blockchain to their businesses regardless of industry. For more information or to register, visit the show’s web site

Edited by Luke Bellos



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