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New York City Mayor Eric Adams To Receive First Paycheck In Cryptos

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New York City Mayor Eric Adams is set to receive his first paycheck in cryptocurrencies such as Bitcoin and Ethereum. The paycheck will arrive on Friday and will be automatically converted into cryptocurrency, as was previously promised to him.

"New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations," said Mayor Adams.

He added that innovations such as this will help create jobs, improve economy, and "continue to be a magnet for talent from all over the globe."

Mayor Adams' first paycheck will automatically be converted into cryptocurrency via Coinbase, a secure online platform for buying, selling, transferring, and storing digital currency.

As the U.S. Department of Labor regulations do not enable the New York City to pay employees in cryptocurrency, it is using the services of a cryptocurrency exchange to have the funds in U.S. dollars to be converted into cryptocurrency before they are deposited into their account.

In November last year, Mayor Adams had tweeted, "In New York we always go big, so I'm going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!"

New York City Chief Technology Officer Matt Fraser said, "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."

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