New York City Comptroller Quashes Bitcoin-Backed Municipal Bonds Scheme!
New York City will not be venturing into the volatile world of cryptocurrency-backed debt, at least not under the current comptroller's watch. Brad Lander, the city's chief financial officer, has decisively rejected a proposal from Mayor Eric Adams to issue municipal bonds underpinned by Bitcoin, according to reports from PANews.
Lander, a Democrat who shares authority for bond issuance with the Mayor's Office of Management and Budget, declared that such bonds would not be issued during his tenure. He voiced significant apprehension regarding Bitcoin's inherent instability, deeming it an inadequate foundation for financing crucial city services like infrastructure, affordable housing, or schools. The comptroller cautioned that involving cryptocurrency in the city's capital planning could introduce fresh risks and erode confidence among bond purchasers.
Lander's firm stance follows his succession of Mayor Eric Adams in the November election. Interestingly, Adams, who initially put forth the Bitcoin bond idea, is now reportedly running as an independent candidate. #BTC