New York City Mayor receives his first cryptocurrency paycheck

• Ayushi Abrol
• January 24, 2022

It’s the season of cryptocurrencies!!! Virtual assets have evolved as one of the coolest investment trends favored largely by investors across multiple working fields. In the recent development, the new Mayor of the New York City, Eric Adams has proudly announced to receive his first paycheck in cryptocurrencies setting a trend for others to follow. The paycheck will automatically be converted into top-tier cryptocurrencies, Bitcoin and Ether to make Eric’s crypto trading experience smooth.

Earlier in November 2021, Eric Adam revealed that he would accept the first three paychecks of his office in cryptocurrencies to lead crypto adoption plans in the state. This came after Miami’s Mayor Francis Suarez decided to accept one of his salary payments in Bitcoin. According to Eric Adam, New York has always been upfront in supporting innovative technologies and high-potential projects. The decision to accept crypto paycheck will help to promote crypto usage in the city and will help the region to emerge as the epicenter of crypto operations.

The authorities are looking forward to building their individual cities as crypto-friendly hubs for virtual currency investors in the United States. They believe that encouragement to crypto will help to achieve growth in innovation, wealth resources, and thereby bring prosperity for Miami and New York City. The new mayor of NYC is confident that by supporting crypto innovation, the region will be able to unlock more diverse employment opportunities, strengthen the economy, and attract talent from across the world.

The Department of Labor rules states that Eric cannot receive his paycheck directly in crypto assets as it is mandatory to pass the funds first through Coinbase. The authority will be paid nearly $260,000 a year for his service. He will be given a paycheck every two weeks with a gross payment of $9,924.66. Talking about this, NYC’s chief technology officer, Matt Fraser conveyed that technology can play a prominent role in bridging the gap between the digital and traditional financial space. The decision taken by the new mayor will be a push for the achievement of their goals. The shift will help people to realize the power of new technological systems in managing their finances.

The use of crypto for paychecks is comparatively less usual despite the popularity of crypto investments. To facilitate this, Coinbase, last year introduced a new feature that allowed users to deposit their paychecks directly to their digital accounts securely. This helped to facilitate conversions into large volumes of coins without any transaction charge. The exchange is looking forward to infusing measures that will allow firms to pay their employees using virtual assets easily. The limited crypto adoption as a payment tool however makes crypto paychecks less useful for regular customers.