By Yueqi Yang and Shelly Banjo
New York City Mayor Eric Adams confirmed his first paycheck — which arrives on Friday — will be converted into Bitcoin and Ethereum.
Coinbase Global Inc., the largest U.S. cryptocurrency exchange, will be handling the conversion through its direct deposit feature, which allows eligible users to automatically transfer a portion or the entirety of their paycheck into their Coinbase account in the form of a cryptocurrency.
As mayor-elect, Adams vowed to take his first three paychecks in Bitcoin and welcomed the development of a NYC Coin similar to Miami’s as a way to make New York a more crypto-friendly city.
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” Adams said 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.”
What Adams can do as a mayor to support crypto adoption, however, is limited. New York businesses are subject to one of the strictest regulatory regimes in the U.S., which he has no power over, as its controlled by state government. Additionally, Adams said the city can’t pay employees directly in cryptocurrency due to U.S. Department of Labor regulations.
Still, Adams has expressed intentions to build a U.S. cryptocurrency center by waging a “friendly competition” with Miami Mayor Francis Suarez, who also said he’d take his next paycheck in Bitcoin.
“We’re pleased to be able to support this initiative,” a Coinbase spokesperson said.
Read more: Crypto Dreams of New York’s Next Mayor Face Reality Check
(Updates with Coinbase details)
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