NEW YORK (WCBS 880) — Friday is pay day for New York City Mayor Eric Adams and as promised he'll receive his first paycheck in cryptocurrency.
The mayor's office announced Thursday that Adams' first paycheck will be automatically converted to Ethereum and Bitcoin via the cryptocurrency exchange platform Coinbase.
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” Adams stated. “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.”
In November, Adams said he would accept his first three paychecks as mayor in Bitcoin.
According to the mayor's office, New York City cannot pay employees in cryptocurrency under U.S. Department of Labor regulations, but anyone paid in U.S. dollars can convert the funds into cryptocurrency before the money is deposited into their account.
Adams previously told Bloomberg Radio that he wants to reshape New York into a crypto-friendly city.
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