Coinbase has announced that New York City Mayor Eric Adams will receive his first paycheck in cryptocurrency. While New Jersey and Connecticut have legalized crypto payments, the U.S. Department of Labor has not. But it’s worth noting that more people are beginning to understand the concept of cryptocurrencies, and they’re increasingly becoming an important part of the business community. Since the first Bitcoin was issued in 2008, the price of bitcoin has risen more than 1,000 percent.
Although the government is still unsure about the regulation of cryptocurrency, the mayor has announced that he will receive his first paycheck in cryptocurrency. According to his spokesperson, he’ll deposit his first paycheck through Coinbase, a website that lets people buy and sell cryptocurrencies. He’ll then use Coinbase to convert his paycheck into either bitcoin or ether, before depositing it in his bank account. The mayor has promised to provide his employees with three paychecks in cryptocurrencies, and he is following through on that promise.
The announcement comes just days after he pledged to accept his first three paychecks in cryptocurrency last year. In addition to Bitcoin, he’s also planning to convert some of his other salary into cryptocurrencies. While the mayor is still in the process of converting his salary, he’s making a significant contribution to the development of cryptocurrencies. While the federal government has prohibited governments from paying their employees in crypto, it’s possible to buy cryptocurrency on an exchange and convert the money to dollars.
The announcement is another significant step for the city’s future as a cryptocurrency hub. While the mayor hasn’t proposed specific policies yet, his embrace of bitcoin by a city has been hailed by digital asset enthusiasts as a positive step. The announcement is likely to attract more digital asset start-ups to the city. This is a welcome development. The move is encouraging news for the cryptocurrency industry.
In September, Adams approved the launch of a new currency called NYCCoin. The currency is an open-source project that uses Stacks, a popular blockchain wallet. Stacks is mined by forwarding a Stacks token to a smart contract on NYCCoin. Coinbase has introduced a feature to allow users to transfer their paychecks directly into their exchange accounts. While the mayor’s paychecks will be deposited to a local cryptocurrencies wallet, it’s unclear whether or not New York City will pay its employees in cryptocurrency.
Also Read: Crypto.com CEO Says Regulators Haven’t Reached Out After Hack
Currently, many city officials are embracing cryptocurrency. The mayor’s embrace of the industry could bring more firms to the city. But there are concerns. It’s a risky investment and the government has yet to define the terms of these cryptocurrencies. Nonetheless, the cryptocurrency’s value is still rising. Its popularity will encourage more firms to invest in the New York market. It is a promising sign of its future.