New New York Mayor takes his first salary in cryptocurrency

business-standard.com:

The newly elected Mayor of New York City Eric Adams has received his first paycheck in crypto via Coinbase's Direct Deposit, media report says.

According to ZDNet, Adams received his first paycheck in cryptocurrency -- specifically, in a combination of Bitcoin and Ethereum coins -- becoming the first mayor of the Big Apple to have his check converted to crypto.

Unlike those grand symbolic gestures associated with mayors -- be it breaking ground with a golden shovel, posing with a 24-karat gold key, or cutting a ribbon with an oversized pair of silver-plated scissors -- Hizzoner's payout is symbolic for a bigger reason.

There is hope that an innovation like digital crypto payments will give a shot in the arm for job creation, the economy, and fostering tech talent, the report said.

And with New York City still regarded as the top financial centre of the world, the gesture is apropos, it added.

"This step taken by the mayor provides a leading example of how we can empower people through tech with a more diverse set of options to manage their finances," Matt Fraser, CTO of New York City, was quoted as saying.

As per the report, Adams' paycheck was automatically converted into Bitcoin and Ethereum via the crypto trading platform Coinbase.

The US Department of Labour stipulates that employees of the Big Apple can't get paid in cryptocurrency, but they can use a cryptocurrency exchange, such as Coinbase.

--IANS

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