New York City officials have chosen to stop worrying and love the blockchain. Their counterparts at the state level, however, still haven't unchained their hearts.

The city's Economic Development Corp. announced today that it will open a Blockchain Center, where believers in the technology that powers Bitcoin and hundreds of other cryptocurrencies can meet in a friendly space to pursue their passions and maybe hook up with investors. The city also said it will sponsor a competition this year, with prizes for people who cook up ways to make blockchain more useful for governments.

"The city is putting a big focus into blockchain to find out how we can grow the industry and make sure it's creating great opportunities for New Yorkers," EDC Chief Executive James Patchett said at Consensus, a large conference in Midtown that organizers said attracted 8,500 crypto-aficionados.

While the city is showering love during Blockchain Week, it isn't spending a lot of money. It has committed just $100,000 for the center's first year, a spokesman said.

Funding may not be all that urgent, considering local blockchain-related businesses attracted $200 million in venture capital last year, according to the city, while job postings increased 800% between 2015 and 2017. Brooklyn is home to the firm that's the brains behind Ethereum, the biggest digital currency after Bitcoin, and several people arrived at the New York Hilton for the Consensus conference this morning driving Lamborghinis presumably acquired with gains from trading crypto but likely paid for with dollars or other fiat currencies.

City economic-development officials are keen to support blockchain in case the technology proves to be a key part of the financial world's plumbing. But ultimately the most important New York government player in the arena is the state Department of Financial Services, whose priority is fending off the fraud that has accompanied crypto-mania.

Since 2015, the state Department of Financial Services has offered a "bitlicense," but only a handful of digital-currency outfits have jumped through all the hoops needed to get one. Critics say the regulatory burden has driven financial startups out of the city. Assemblyman Ron Kim has introduced a bill that aims to ease some of the requirements.

Also today, DFS announced that Gemini Trust Co., a firm launched by the Winklevoss twins, had gotten state approval to trade certain digital currencies.

"With smart and thorough regulatory oversight, the development and long-term growth of the industry will remain thriving," said DFS chief Maria Vullo.