Mayor Eric Adams announced Thursday that he will be converting the first check from his new job to cryptocurrencies.
Adams will convert his first paycheck, which he will receive Friday, to the cryptocurrencies ethereum and bitcoin, the mayor said.
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” he said in a prepared 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.”
Federal Department of Labor regulations prohibit municipal governments from paying workers directly in cryptocurrencies, so before Adams receives it in his bank account, the paycheck will “automatically” be converted into cryptocurrency via Coinbase, a crypto exchange app, according to the news release.Christopher Sadowski
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