NYC Mayor Adams to receive first paycheck in cryptocurrency Friday

Today, Eric Adams, the Mayor of New York City, announced helium would beryllium taking his first paycheck successful Bitcoin (BTC) and Ethereum (ETH) with the funds arriving Friday. The wage volition not beryllium straight paid retired arsenic crypto. Instead, it is archetypal issued successful fiat U.S. dollar and past converted into integer currencies connected Coinbase.

Due to the U.S. Department of Labor and assorted state-level regulations, nonmigratory U.S. employees typically cannot person their remuneration straight successful cryptocurrency. This is partially due to the fact that the Internal Revenue Service classifies fiat USD wage payments arsenic income, whereas items specified arsenic stock-based compensation oregon cryptocurrencies are classified arsenic property.

Mayor Adams issued the pursuing connection regarding his prime of remuneration:

New York is the halfway of the world, and we privation it to beryllium the halfway of cryptocurrency and different fiscal innovations. Being astatine the forefront of specified innovation volition assistance america make jobs, amended our economy, and proceed to beryllium a magnet for endowment from each implicit the globe.

Matt Fraser, NYC's main exertion officer, added:

This measurement taken by the politician provides a starring illustration of however we tin empower radical done tech with a much divers acceptable of options to negociate their finances.