New York Mayor Receives 1st Salary in Bitcoin and Ethereum » Crypto Insiders

The new mayor of the absolute metropolis of New York City, Eric Adams, has long been known within the crypto community for his pro crypto views. During his election campaign, he even announced that he was willing to receive his salary in the form of bitcoin. He seems to be putting his money where his mouth is as today he will get his salary in bitcoin and ethereum after converting it to crypto via Coinbase.

Eric Adams receives bitcoin

At the beginning of this month, Eric Adams announced that he is fully convinced of the potential of blockchain and crypto. He hopes he can make New York City a true global hub for the new innovative sector.

“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations. […] By being at the forefront of such innovations, we can create jobs, improve our economy and continue to attract talent from around the world.”

In a press release It was announced from his office as mayor that Adams will have his salary automatically converted from dollars to cryptocurrencies on the US trading platform Coinbase.

It is remarkable that this message explicitly makes it clear that it will be paid directly in cryptocurrencies is not possible. Automatic conversion before it appears on the bill is encouraged, which is what Adams does himself.

US regulation

It is clear that Mayor Adams wants to make his city a crypto-friendly one. Due to the status of New York as a global city, this can benefit the crypto industry considerably. However, as mayor of course, Adams has limited power in enforcing progressive crypto policies.

He will have to stay within the confines of state and federal legislation. The US government will ultimately be the deciding factor in what Adams can or cannot do.

In any case, this government seems determined to in 2022 to set up once and for all a unified system of regulations regarding the world of crypto. Although many investors are wary of such regulation, there is a good chance that clarity can actually benefit the crypto industry.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.