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New York City Mayor Eric Adams confirmed this week that his first paycheck, due on Friday, will be converted into two of the largest cryptocurrencies - Bitcoin and Ethereum.
The conversion will be handled by the largest cryptocurrency exchange in the US, which allows qualifying users to automatically transfer part or all of their salary to their account.
As mayor-elect, Adams pledged to receive his first three salaries in Bitcoin, paving the way for the city to be more crypto-friendly.
"New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations," Adams said. "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," he added.
However, what Adams can do as mayor to support cryptocurrency adoption is limited. New York businesses are subject to one of the most stringent regulatory regimes in the US, so it has no control over it because it is controlled by the state government. Additionally, Adams said the city cannot pay workers directly in crypto because of the US Department of Labor regulations.
Even so, Adams expressed his intention to build a crypto hub in the US by having a "friendly competition" with Miami Mayor Francis Suarez, who also said that his next salary will be in bitcoins.
Bitcoin continued to decline today, firmly breaking through $40,000.
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