Eric Adams Gets Creative to Honor Bitcoin Payment Pledge – NBC New York

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Months after saying he would take his first three cryptocurrency checks in an innovative attempt to bridge digital and financial divides, New York City Mayor Adams now says federal law prevents him somehow keep his promise.

Adams, then mayor-elect, made the “pay me in Bitcoin” pledge shortly after his November win. This was in response to a tweet from Miami Mayor Francis Suarez who said he would take his next paycheck entirely in Bitcoin, aiming to be the first politician to do so.

The New York Democrat sought to up the ante with his “first THREE” paycheck announcements.

On Thursday, however, a day before he was due to receive his first paycheck at town hall, Adams said his first check would be automatically converted into cryptocurrency (Ethereum and Bitcoin) before being deposited into his account because the Federal labor regulations do not allow New York. City to pay its employees in cryptocurrency.

He still apparently plans to do the same with his next two checks, although his “Pay me in Bitcoin!” statement is now somewhat stunted. It’s more like “Pay me, then convert it to Bitcoin before putting it in my account!” It will always be crypto, all the same.

Adams will convert the funds using a secure online exchange before they are deposited, his office said.

“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovation,” Adams said in a statement, referring to the same motivation that drove him to s engage in the first place. “Being at the forefront of this innovation will help us create jobs, improve our economy and continue to attract talent from around the world.”

In New York, we always go big, so I’m going to take my first THREE bitcoin paychecks when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast growing innovative industries! Hold on!

— Eric Adams (@ericadamsfornyc) November 4, 2021

CNBC reported shortly before the mayor’s announcement in November that a war was brewing between the states to attract Bitcoin miners, and new data showed that a large number of them were heading to New York. , Kentucky, Georgia and Texas.

New York City wants to welcome them with open arms, especially as it seeks to accelerate its post-pandemic recovery and address longstanding equity issues.

New York City Chief Technology Officer Matt Fraser made that point in a statement included in Thursday’s statement from Adams’ office.

“Instead of being the primary means by which we bridge both the digital and financial divide, technology continues to be the great equalizer,” he said. “This step taken by the mayor provides a great example of how we can give people through technology a more diverse set of options to manage their finances.”

Adams was sworn in as New York’s 110th mayor on January 1. The former NYPD officer and borough president of Brooklyn is the second black man to lead the city.

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