New York City Mayor Fulfils Promise, Plans To Receive First Paycheck In Crypto

Mayor Adams Gets Paycheck in Bitcoin and Ether

Mayor Adams first revealed his intention to receive his salary in Bitcoin back in November 2021. The New York City Mayor pledged in response to a statement made by his counterpart, the Mayor of Miami, Francis Suarez, who said that he was going to get his next paycheck also in BTC.

Meanwhile, unlike Suarez, Adams is not looking to collect one, but three paychecks in the leading cryptocurrency by market capitalization. It appears the NYC mayor is fulfilling his promise.

Interestingly, Adams’ wages will not only be converted to bitcoin, but also ethereum. Meanwhile, the U.S. Department of Labor regulations does not allow New York City to pay its employees in crypto. Hence, Coinbase, the largest cryptocurrency exchange in the United States, was chosen to conduct the payment conversion to crypto.

Meanwhile, Adams said that he was going to make NYC a cryptocurrency hub. The mayor earlier said that wanted cryptocurrency to be taught in schools, to broaden children’s way of thinking. According to the Mayor:

“New York is the center of the world, and we want it to be the center 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.”

Also, Matt Fraser, NYC’s Chief Technology Officer, lauded Adams’ decision, saying:

“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.”

Public Figures Warming to Cryptocurrency Value Proposition

From collecting wages in crypto to accepting campaign donations in virtual currencies, some politicians and government officials from both sides of the aisle in the United States are increasingly becoming more involved in cryptocurrencies. For crypto proponents in the country, this broadening appeal of virtual assets among the political class could serve to help protect the burgeoning industry from harsh regulatory policies.

While the city’s mayor appears to have a positive attitude toward bitcoin, the case is not the same within officeholders across the state. New York’s restrictive crypto licensing regime dubbed BitLicense has been the subject of criticism from several U.S.-based cryptocurrency firms.

Elected officials and politicians are not the only ones increasingly adopting cryptos and valuable assets as athletes have also been known to convert their salaries to cryptocurrencies. Some notable sporting personalities have even inked sponsorship deals with major brands with the payments coming in the form of virtual currencies.

El Salvador’s President Nayib Bukele is perhaps the biggest bitcoin proponent in the political landscape as the nation’s leader has been at the heart of the country’s acceptance of BTC. El Salvador legalized bitcoin in 2021, becoming the first country in the world to accept BTC as legal tender, a move several experts could have ramifications across Latin America.

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