NYC Mayor to receive first paycheque Friday in bitcoin, ether
22:12, 20 January 2022
As promised, New York City Mayor Eric Adams will receive his first paycheque in cryptocurrency on Friday 21 January, the mayor announced Thursday.
The planned move, announced last November over the then mayor-elect’s personal Twitter account, is part of Adams’ stated goal of making New York City a cryptocurrency hub.
“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.”
Mayor Eric Adam promised to be paid in cryptocurrency - Photo:TwitterWhile Adams’ initial proclamation was he wished to receive the first three of his paychecques in bitcoin, he instead opted to split his payment into both bitcoin and ether. Coinbase Global is automatically depositing Adams’ municipal salary directly into his personal bank account.
US Department of Labor regulations stipulate New York City may not pay municipal employees directly in cryptocurrency.
“Before funds are made available, Mayor Adams’ first paycheck will automatically be converted into cryptocurrency via Coinbase,” the Mayor’s office added in its statement.
“This step taken by the mayor provides a leading example of how we can empower people through tech with a more diverse set of options to manage their finances,” added New York City’s Chief Technology Officer Matt Fraser. “From being the primary means by which we close both the digital and financial divide, technology continues to be the great equaliser.”
Based on Adams’ pretax $258,740 annual salary and New York City’s semi-monthly pay schedule for municipal employees, Adams’ receives $9,951.92 per paycheque. Based on Thursday’s conversion rates, as reported by Coindesk, and assuming an equal split between Bitcoin and Ether, Adams will receive 0.11957 Bitcoin and 1.60807 Ether.