Mayor Eric Adams says he wants New York to be ‘the center of cryptocurrency.’
The Big Apple is going crypto.
New York City Mayor Eric Adams said Thursday that his first paycheck will be automatically converted into cryptocurrency.
Hizzoner’s first paycheck, which is due on Friday, will be converted to ethereum and bitcoin via Coinbase Global (COIN) .
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” Adams said in a statement. “Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.”
Due to U.S. Department of Labor regulations New York City cannot pay employees in cryptocurrency.
By using a cryptocurrency exchange, anyone paid in U.S. dollars can have funds converted into cryptocurrency before funds are deposited into their account, the mayor’s office said.
‘Crypto-Friendly City’
Adams, who was elected in November, promised that he would accept his first three paychecks in cryptocurrency.
He also vowed to make New York a crypto-friendly city.
Adams said he was in a “friendly competition” with Miami Mayor Francis Suarez, who was the first to set up a so-called CityCoin cryptocurrency.
Suarez made a similar vow about receiving his paycheck in crypto, as have Scott Conger, mayor of Jackson, TN. and Jane Castor, Tampa’s chief executive.
Outside of the U.S. El Salvador’s President Nayib Bukele has said he wants build an oceanside “Bitcoin City” at the base of a volcano in the Central American country.
Cryptocurrency prices have been known swing wildly.
On Thursday bitcoin was up 2.5% to $43,173 at last check, after sliding more than 5% earlier this month and falling under $40,000 for the first time in September.
Ethereum was up 3.68% to $3,1240 at last check.
