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The Mayor Of New York Will Be Paid In Bitcoin And Ether For The First Time

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Eric Adams, the recently elected mayor of New York City, has kept his promise to get his first paycheck in Bitcoin. Some of his pay will even be converted to Ether, the world’s second-largest cryptocurrency.

The payment decision was verified by the City of New York earlier today on its official website. When the Mayor receives his paycheck tomorrow, it will be immediately transformed into Bitcoin and Ethereum.

Miami Mayor Francis Suarez informed Bitcoin Podcaster Anthony Pompliano in November that he would accept Bitcoin as payment for one of his salaries. In an attempt to outdo him, Mayor Adams stated that upon taking office, he would receive his first three salaries in Bitcoin.

“New York is the centre of the world, and we want it to be the centre of cryptocurrency and other financial innovations,” said Mayor Adams. “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.”

According to reports, the mayor will use Coinbase to facilitate cryptocurrency conversion. The exchange launched a service in September that allows anyone’s money to be instantly changed into any popular cryptocurrency of choice.

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Their assistance is required since, pursuant to Department of Labor laws, New York City cannot pay its employees in cryptocurrencies. Similarly, Mayor Suarez received his Bitcoin paycheck using Strike, a custodial Bitcoin wallet specializing in remittance payments.

Despite the fact that a Bitcoin payday was widely anticipated, Adams made no mention of being paid in Ethereum until today. This reflects his interest in the cryptosphere as a whole as a technological revolution, rather than just Bitcoin. He advocated for youngsters to learn about blockchain and “the underlying technologies of cryptocurrencies” in school in November.