Photo: Angela Weiss/AFP/Getty Images
New York City Mayor Eric Adams fulfilled his promise and on Friday will receive his first salary in Bitcoin and Ether, using automatic cryptocurrency conversion. This will become possible with the participation in the Coinbase crypto exchange.
New York City Mayor Eric Adams today announced that his first paycheck, due on January 21, will be automatically converted into cryptocurrency, as previously promised. The salary will be converted into Ether (ETH) and Bitcoin (BTC), according to the official website of the City of New York.
“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. “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.”
“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.”
Before the funds are made available, Mayor Adams' first paycheck will be automatically converted into cryptocurrency through Coinbase, which is considered a secure online platform for buying, selling, transferring, and storing digital currency.
Last November, Mayor Adams announced that he would accept his first three salary checks in cryptocurrency. Due to U.S. Department of Labor regulations, New York City cannot pay workers directly in crypto. Therefore, using a cryptocurrency exchange, anyone who pays in USD can convert the funds to cryptocurrency before the funds are credited to their account.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.