New York City Mayor Eric Adams announced today that he will receive his first paycheck in Bitcoin (BTC) and Ethereum (ETH) when the funds arrive on Friday. Salaries will not be paid directly in cryptocurrency. Instead, it is first issued in US dollars and then converted to cryptocurrencies on Coinbase.

Due to the U.S. Department of Labor and several government-level regulations, U.S. employees are generally unable to receive pay slips directly in crypto. This is partly because the Internal Revenue Service classifies wage payments in US dollars as income, while items such as equity or cryptocurrency-based compensation are classified as real estate.

Mayor Adams made the following statement regarding his choice of award:

New York is the center of the world, and we want it to be the center of cryptocurrencies and other financial innovations. Being at the forefront of these innovations will help us create jobs, improve our economies and remain a magnet for talent from around the world.
Matt Frazier, chief technology officer at New York City, added:

The mayor’s decision is a groundbreaking example of how technology can give people the opportunity to have more opportunities to manage the economy.

Source: CoinTelegraph