On January 20, 2022, he announced that his salary would be automatically converted into Cryptocurrency via Coinbase, precisely in Ethereum and Bitcoin. According to U.S. Department of Labor regulations, New York City cannot pay employees in Cryptocurrency. By using a Cryptocurrency exchange like Coinbase, anyone paid in U.S. dollars can have funds converted into Cryptocurrency before funds are deposited into their account. His announcement follows his tweet on his official profile in which he replied to Miami Mayor Francis Suarez, saying he too would take his first three wages in Bitcoin when he became mayor.
Mayor Adams said, “New York is the center of the world, and we want it to be the center of Cryptocurrency and other financial innovations. 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.“ When asked if he hadn’t changed his mind about Cryptocurrency wages given the bear market, Adams replied: “I lost about a hundred-and-something thousand dollars when the stock market crashed out of my 401 (k). We know it goes up and down. Bitcoin is here to stay, and the bulk of the investment is here in New York City.“
When the New York State Senate approved a proof-of-work (PoW) mining ban bill that would prohibit any new Bitcoin mining operations in the state, Adams said he was against this decision. According to a tweet from Brain Pascus on June 14, 2022, Adams planned to ask Governor Hochul to veto cryptomining bill.
New York is the second city in the United States after Miami to acquire its Citycoin, NYCCoin, a Cryptocurrency powered by the Stacks Protocol, which enables smart contracts on Bitcoin. NYCCoin aims to build web3 apps, mint NFTs, or otherwise improve the city’s digital infrastructure. Anyone can mine NYCCoin, program NYCCoin via smart contracts and even earn BTC from the protocol as it gets more usage. NYCCoin is listed on Coinmarketcap and today has a price of $ 0.00037.
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