Eric Adams wants Bitcoin payments as New York mayor

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The announcement was a clear statement of political support for crypto, and follows remarks made this week by Adams that he wanted to attract more crypto jobs to New York and eventually create a digital currency for the city.

“NYC is going to be the center of the cryptocurrency industry and other fast growing innovative industries! Adams said Thursday. “Hold on!”

Adams’ desire to be paid directly in Bitcoin highlighted a number of practical concerns with digital currency.

Crypto still faces major hurdles as a tool for daily payments, in part because it is taxed by the IRS as property. There are also questions about how a Bitcoin-based salary would fit with federal labor laws. It’s unclear who would control the digital “wallet” the city would use to pay Adams.

“I’m just trying to imagine the process of getting that clearance to get there,” said Stephen Palley, partner at the law firm Anderson Kill. “It sounds like a nightmare.”

Suarez applauded Adams for joining the crypto-savvy club of mayors.

“Touché… congratulations on the election and I look forward to the friendly competition to make our respective cities a crypto capital!” Suarez said on Twitter.

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