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New York Mayor Eric Adams, who took office on January 1, received his first salary in bitcoins this past Friday, as he had indicated last November.
Adams said in a statement that his first paycheck will be automatically converted into cryptocurrencies Ethereum and Bitcoin.
“New York is the center of the world and we want it to be the center of cryptocurrencies and other financial innovations,” said Adams, who in his message after being elected to office, last November, reported that he would receive his first three checks as mayor in Bitcoin.
Adams then made public his intention to convert the city into the center of this cryptocurrency industry and other fast-growing innovative industries.
The Democrat’s comment came in response to a tweet from Miami’s Mayor, Republican Francis Suarez, who earlier in the day had been re-elected to a second term and who indicated then that he would receive his next payment in bitcoin.
Before the funds are available, Mayor Adams’ first paycheck will be automatically converted into cryptocurrency through Coinbase, a secure online platform for buying, selling, transferring and storing digital currency, the release further states.
Due to federal Department of Labor regulations, New York cannot pay employees in bitcoins, but—the release explains—by using a cryptocurrency exchange, anyone paying in dollars can convert the funds before they are deposited into their account.
“The step taken by the Mayor provides an outstanding example of how we can empower people through technology with a more diverse set of options for managing their finances,” said Matt Fraser, director of the city’s technology office.