NYC Mayor Adams Gets His First Pay in Crypto on Friday

Mayor Eric Adams previously said he would accept his first three paychecks, or $97,000 annually, in cryptocurrency.

On Thursday, New York City Mayor Eric Adams announced he will receive his first paycheck in Bitcoin (BTC) and Ether (ETH), with the funds due on Friday. Wages will not be paid directly in cryptocurrency instead, it will be first issued in fiat in the form of US dollars and then converted into digital currencies on cryptoCoinbase.

Due to the US Department of Labor and various state-level regulations, permanent employees in the United States are generally not able to receive their remuneration directly in cryptocurrencies. This is partly because the Internal Revenue Service classifies dollar wage payments as income, while items such as stock or cryptocurrency-based compensation are classified as assets.

Mayor Adams made the following statement regarding his remuneration selection:

“New York is the center of the world and we want it to be the center of crypto and other financial innovations. Being at the forefront of such innovation will help us create jobs, improve the economy and continue to be a magnet for talent from around the world. ”

Matt Fraser, NYC’s Chief Technology Officer, added:

“This mayor’s move provides a leading example of how we can empower people through technology with a more diverse array of options for managing their finances.”