Today, mayor Eric Adams said that his first salary would be instantly converted to bitcoin when it arrives tomorrow. The payment will be made in Ethereum and Bitcoin. Last year, the mayor said that he would collect his first three salaries in bitcoin and pledged to make his city the “crown jewel of the cryptocurrency business.” Adam, in a statement, said – “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.”
Adams has already stated that he wants to convert New York into a crypto-friendly metropolis on Bloomberg Radio. The bitcoin exchange platform Coinbase will instantly convert Adams’ first salary into Ethereum and Bitcoin.
According to the mayor’s office, under US Department of Labor regulations, New York City cannot pay employees in cryptocurrency; however, anyone paid in US dollars can change the payments into cryptocurrency before the money is transferred into their account.
Adams’ conversion of his first salary to Bitcoin “sets a precedent” for how New York City might “empower people through technology with a more diverse set of options to handle their income,” according to the city.
Adams also urged that cryptocurrency and blockchain technology be taught in New York schools and offered to convert his first three paychecks to bitcoin, following Miami Mayor Francis Suarez’s lead.
Even though Adams has yet to propose specific regulations to make New York a cryptocurrency hub, digital asset aficionados have praised his endorsement of bitcoin and hope his attitude will draw more cryptocurrency start-ups to the city.
In a statement, New York City Chief Technology Officer Matt Fraser said Adams’ conversion of his first salary to Bitcoin “provides a leading example” of how the city can “empower people through technology with a more diversified set of options to handle their income.”