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NEW YORK (77WABC) – Mayor Eric Adams today announced that his first paycheck — which arrives tomorrow — will be automatically converted into cryptocurrency.
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” said Adams 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.”
Before funds are made available, Adams’ first paycheck will automatically be converted into cryptocurrency via Coinbase, a secure online platform for buying, selling, transferring, and storing digital currency.
Last November, Adams announced he would accept his first three paychecks in cryptocurrency. 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.
