Key Takeaways:
- NYC Mayor gets his first paycheck converted to bitcoin and ether.
- The mayor wants New York to be the centre of cryptocurrency.
- The city said that it could not pay employees in digital currency.
In November, New York City Mayor Eric Adams promised to take his first three paychecks in cryptocurrency to transform his city into the “centre of the cryptocurrency industry.” On Friday, the Mayor received his first paycheck automatically converted into digital currency via Coinbase Global Inc. The Mayor stated, “Promise made, promise kept. Took my first check-in bitcoin and ethereum.”
On Thursday, the official website of New York announced that Mayor Adams will “receive [his] first paycheck in cryptocurrency.” The Mayor said, “New York is the centre of the world, and we want it to be the centre of cryptocurrency and other financial innovations … Being at the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.”
However, referring to the Mayor’s November announcement, the city clarified, “Due to U.S. Department of Labor regulations, New York City cannot pay employees in cryptocurrency. However, by using a cryptocurrency exchange, anyone paid in U.S. dollars can have funds converted into cryptocurrency before funds are deposited into their account.”
Eric Adams said in November that he wants children to learn about crypto in schools as Bitcoin is the new means of trading. The Mayor also commented on Bitcoin’s falling trend when it touched the $41k mark and said, “Sometimes the best time to buy is when things go down, so when they go back up, you’ve made a good profit.”
