NYC Mayor To Convert First Paycheck To Bitcoin

The New York Daily News reports:

Mayor Adams revealed Thursday that he will convert his first City Hall paycheck into cryptocurrency, seeking to make good on a campaign promise to use and promote the virtual cash system while in office.

The first paycheck, due to arrive Friday, will “automatically be converted” into Bitcoin and Ethereum, two popular cryptocurrencies, via Coinbase, an online platform widely used for buying, selling and storing digital currencies, Adams said.

However, City Hall acknowledged Thursday that U.S. Department of Labor regulations preclude the municipal government from paying employees directly in crypto, necessitating the Coinbase conversion.

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Mayor Adams reveals he will convert first City Hall paycheck into cryptocurrency, seeking to make good on campaign promise to use and promote virtual cash system while in officehttps://t.co/cZkt9CsDwS

— New York Daily News (@NYDailyNews) January 20, 2022