New York City Mayor Eric Adams Receives His First Paycheck In Cryptocurrency

Eric Adams, the mayor of New York City, has received his first paycheck in bitcoin and ether via Coinbase. “Promise made, promise kept,” Adams said, referring to his promise to take his first three paychecks in cryptocurrency.

Coinbase helped the mayor of New York City take his paychecks in cryptocurrency. The mayor of New York City has delivered on his promise about getting paid in bitcoin. In a video he posted to Twitter Thursday, Eric Adams said: “Promise made, promise kept. Took my first check-in bitcoin and Ethereum.”

New York must be known as a centre for innovation and new ideas. I want my young people to excel in every field, emphasized the mayor. Also, on Thursday, the official website of the city of New York announced Mayor Adams will “receive his first paycheck in cryptocurrency.”

The mayor’s first paycheck “will automatically be converted into cryptocurrency by Coinbase before funds are available,” the announcement noted, adding, “The salary will be converted to Ethereum and bitcoin.”

Earlier this year, Mayor Adams announced that his first three paychecks would be paid in bitcoin. However, the city explained: New York City cannot pay employees in cryptocurrencies as a result of U.S. Department of Labor regulations. However, anyone paid in U.S. dollars can convert it into cryptocurrencies before funds are deposited into their accounts by using a cryptocurrency exchange.

“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” Adams said on Thursday. We can create jobs and improve our economy by being on the frontier of such innovation as we continue to be a magnet for talent from all over the world.

Also, in November, he said the government should make crypto part of the curriculum in schools, noting that bitcoin is a new way to pay for goods and services. A brief of his report in November: The mayor-elect of New York City has plans to turn NYC into a centre of crypto and innovation. He says our schools should teach cryptocurrency and blockchain technology, noting that bitcoin represents “a new way of doing business worldwide.”

When the price of bitcoin fell to $41K earlier this month, the mayor said, “Sometimes the best time to buy is when things go down, so when they go back up, you’ve made money.”

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