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New York comptroller candidate: city to invest in blockchain

The city comptroller candidate Reshma Patel believes that investing in blockchain technology might help revive New York’s economy.
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The New York comptroller candidate Reshma Patel believes that investing in blockchain technology might help revive the city’s economy.

Reshma Patel is a politician and activist born in Upleta, India. At the moment she is running to become NYC’s next Comptroller. The Office of Comptroller is a position created in 1801 that aims to protect New York City’s financial well-being. The comptroller tries to eliminate abuse and illegal activities in local government guaranteeing that municipal agencies will assist the citizens of NYC with their necessities.

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Democratic candidate Reshma Patel shared some thoughts regarding her platform on Monday that involves digital currencies and blockchain technology.

“I start thinking about new ways we could do stuff, and one of those is we need more transparency and efficiency in our city government.”

Reshma Patel
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The comptroller’s office is currently dealing with the consequences that COVID-19 generated on the economy. Patel believes investments in cryptocurrency and businesses based on blockchain technology have to be included in the city’s future plans.

Her plan is for the city of New York to invest in funds to assist fintech startups. This would also give NYC the opportunity to use a blockchain-based system that will help with procurement contracts. Reshma Patel will also propose that 1 to 3% of New York’s retirement funds be invested into crypto.

“It is clear that cryptocurrencies have a future in finance and should have a future in the financial planning of New York City.”

Reshma Patel

Patel also stated that if she gets elected, she will create a task force that will explore and analyze what other possibilities are there for blockchain investments. This technology will bring more transparency and further collaborations between agencies. 

The major part of Reshma Patel’s projects will necessitate dialogue between distinct state structures, and it won’t be an easy route. Now we will just have to wait and see if she will be elected in June.

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