Story at a glance
- New York City Mayor Eric Adams will have his first paycheck converted into cryptocurrency.
- Federal labor regulations bar New York City from paying employees in cryptocurrency, so before Adams can get the funds his paycheck will have to be converted into cryptocurrency via Coinbase.
- Adams pledged last year to receive his first three payments as mayor in cryptocurrency.
New York City Mayor Eric Adams will have his first paycheck, which arrives Friday, to be converted into Ethereum and Bitcoin.
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” said Adams in a statement. “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.”
Before Adams can receive the funds, his first paycheck as mayor will automatically be converted into cryptocurrency by Coinbase Global Inc., the largest cryptocurrency exchange in the country, according to Bloomberg.
Federal labor regulations do not allow New York City to employees in cryptocurrency.
“From being the primary means by which we close both the digital and financial divide, technology continues to be the great equalizer, said New York City Chief Technology Officer Matt Fraser. “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.”
Adams first announced last November on Twitter that he would accept his first three payments as mayor in Bitcoin and has yet to lay out any concert plans on how transform the city into a “center of cryptocurrency.”
“In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor,” Adams tweeted.
“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!” he added.
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