The head of the New York City Hall, Eric Adams, said that he would convert his first salary in this post, which the official is waiting for the other day, into bitcoin and ether.
Eric Adams took office as Mayor of New York on January 1, 2022. In November, Adams said he was ready to receive his first three salaries in bitcoin. However, under Department of Labor regulations, U.S. citizens cannot receive digital assets as monetary rewards for work performed. Therefore, Adams will first be paid in US dollars, and then he will convert them into BTC and ETH through the Coinbase cryptocurrency exchange.
“New York is the center of the world, and we intend to make it the center of cryptocurrencies and financial innovation. This will create many new jobs, improve our economy and attract talented people from all over the world,” the new mayor explains his behavior.
New York City Department of Technology Development Commissioner Matthew Fraser called the latest technology the “great equalizer” and the primary means by which financial inequality can be reduced. Frazier sees the actions of the city’s new mayor as an example of how cryptocurrencies can empower people to manage their finances.
During his campaign, Adams suggested that local schools and universities start introducing blockchain and cryptocurrencies classes to prepare young people to enter the digital asset market. While still a contender for the mayor of New York, Adams said that in just a year he could turn the city into a center for the development of science and cybersecurity.