New York City Mayor Eric Adams said on Thursday that he would receive his first paycheck in Bitcoin (BTC) and Ether (ETH) on Friday. The pay will not be paid in crypto directly; instead, it will be given in fiat currency, such as US dollars, and subsequently converted into a digital currency on Coinbase.
Residents of the United States are often unable to receive their salary in cryptocurrency due to laws imposed by the United States Department of Labor and several state governments. This is largely due to the fact that the Internal Revenue Service considers dollar wage payments to be income, while stock-based compensation and crypto are considered property.
Adams and his ambitions
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations.” Mayor Adams, who wants to make NYC crypto-friendly, said of his choice of payment. 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, he adds.
“This step taken by the mayor provides a leading example of how we can empower people through tech with a more diverse set of options to manage their finances,” said Matt Fraser, NYC’s chief technology officer.
In November 2021, as TheCoinRise reported, Bitcoin supporter Adams launched CityCoin in New York City.
During an interview on November 7, Adams discussed cryptocurrencies, describing it as “a new way of paying for goods and services throughout the entire globe.” He urged local schools to include cryptocurrency in their curricula, allowing students to think about blockchain technology and digital assets in new ways.
“We must open our schools to teach blockchain technology, to teach this new way of thinking,” Adam says.