The Comptroller of New York City has dismissed a plan by Mayor Eric Adams to support municipal bonds with Bitcoin
calling it “legally doubtful and fiscally irresponsible.”
Comptroller Brad Lander, who manages the issuance of the city’s debt, rejected the proposal a few days after Adams launched the so -called “Bitbond” to a crowd at a Bitcoin conference in Las Vegas.
“Cryptocurrencies are not stable enough to finance the infrastructure of our city, affordable housing or schools,” Lander said in a press release. He added that such a measure could shake the trust of investors and be in conflict with the Federal Fiscal Law.
The idea is part of Adams’s broader impulse to position New York as a global cryptography center. Since he assumed the position, he has converted the payment checks into cryptography and launched a digital assets advisory council.
But Lander backed up against the bonus, which could use some of the income to buy BTC. He argued that the city’s indebtedness system is based on the US dollar, and any deviation would require mechanisms that the city does not have, such as converting bitcoin into cash for public spending.
