The mayor of New York, Eric Adams, is fulfilling his pledge of receiving his first three paychecks in cryptocurrency. The mayor has announced that he will be converting his first salary as mayor into Bitcoin (BTC/USD) and Ethereum (ETH/USD).
Adams is receiving his first salary as the mayor of New York on Friday, and he has announced he will convert this salary into crypto through the Coinbase cryptocurrency exchange platform.
NYC mayor to receive salary in BTC, ETH
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During his campaign trail in November, Adams noted that he would take his first three paychecks in Bitcoin as a first step towards transforming New York City into a major cryptocurrency hub.
The mayor will receive his salary this Friday in USD, which he will convert into Bitcoin and Ethereum. Currently, New York does not support for city employees to be paid in cryptocurrencies as per the labour regulations.
Adams has not explained why he has chosen Bitcoin and Ethereum as his preferred cryptocurrencies. Additionally, the details on how this crypto salary will be taxed have not been provided.
In an earlier statement, Adams said, “New York is the centre of the world, and we want it to be the centre of cryptocurrency and other financial innovations. Being on 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.”
NYC competing with Miami
Adams has been detailing his plans to transform NYC into a crypto hub. If this happens, New York City will be competing with Miami, a city whose mayor has also endorsed cryptocurrencies. The friendly cryptocurrency law in Miami has attracted many crypto mining firms.
The mayor of Miami, Francis Suarez, is also pro-Bitcoin. Suarez has also stated that he will be accepting his first salary as mayor in Bitcoin. Suarez is a major enthusiast in the crypto sector, and he has been involved in several discussions in the area.
Last August, Miami launched MiamiCoin, a city-based coin that has generated over $20 billion in revenues. Miami is also planning to launch a Bitcoin yield program to distribute rewards to Miami residents.
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