New York City Mayor Adams will receive his first cryptocurrency salary on Friday

Today, New York City Mayor Eric Adams, Announce he will take his first salary in Bitcoin (bitcoin) and Ethereum (Ethereum) funds arrived on Friday. Wages will not be paid directly in cryptocurrency. Instead, it was first issued in fiat dollars and then converted to digital currency on Coinbase.

Due to the U.S. Department of Labor and various state-level regulations, U.S. resident employees often cannot be paid directly in cryptocurrency. This is partly because the IRS classifies fiat dollar salary payments as income, while items such as stock-based compensation or cryptocurrencies are classified as property.

Mayor Adams issued the following statement regarding his compensation choices:

New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations. Being at the forefront of this type of innovation will help us create jobs, improve our economy, and continue to attract talent from around the globe.

Matt Fraser, CTO of New York City, added:

This step taken by the mayor provides a leading example of how we can use technology to provide people with more diverse options for managing their finances.