New York City Mayor Eric Adams had pledged previously to take his first three paychecks in cryptocurrency. This is a move meant to show his support for cryptocurrency. However, he can’t be paid in digital currency.
Regulating Crypto In NYC
Regulations stipulate that New York City can only pay its employees with conventional government-issued currency. But even though Eric Adams will be getting his first paycheck in US dollars, he has promised that he will convert it into Ethereum and Bitcoin via the Coinbase exchange.
Eric Adams is hoping to show his support for cryptocurrency. His vision is to turn New York City into the world capital of innovative technologies.
Following An Economic Trend
Although the mayors of New York and Miami have shown their support for cryptocurrency, governments worldwide have yet to embrace this change. In some countries, notably China, cryptocurrency is totally banned. This is due to risks associated with cryptocurrency, like volatility which could induce financial instability.
Why Eric Adams Supports Cryptocurrency
Eric Adams is profoundly interested in cryptocurrency and has declared his ambition of making New York the worldwide leader in digital currency. Not only that, but Eric Adams has also talked about his vision of making New York the world capital of “innovative industries”.
The previous November, Eric Adams had tweeted his intention to convert his first three paychecks into digital currency. This was in response to the Tweet made by the Miami mayor where he pledged to receive one paycheck in the form of Bitcoin.
The Miami mayor is keen to turn Miami into a technology hub. But Eric Adams has his own dream of making New York the tech capital of the world. Eric Adam’s move to convert 3 paychecks into cryptocurrency directly results from this rivalry between the 2 cities on the technology front.
NYC Mayor Embraces New Technology
Eric Adams is eager to embrace cutting-edge technology since he believes that it will create more jobs, opportunities, and economic prosperity. It will also help to attract talent from across the world and boost the economy.
Besides Eric Adams, other government officials have also expressed their enthusiasm for cryptocurrency and have taken steps to promote it. In 2019, Clyde Vanel, an assembly member, created a taskforce that would analyze how the state should regulate and utilize cryptocurrency and attract digital currency startups.
Cryptocurrency Status In New York
New York already has regulations for cryptocurrency. However, critics contend that it is too stringent. Currently, just a dozen companies are approved for dealing in digital currency.
Proponents of cryptocurrency are hopeful that Eric Adams will help promote digital currencies and other allied technologies.