Mayor Adams made the following declaration about his decision regarding reimbursement.
The United States Department of Labor, together with different state-level regulations, prevents U.S. homeowners from getting their compensation in cryptocurrency. The Internal Revenue Service considers dollar wage payments earnings. Nevertheless, stock-based settlement and cryptocurrencies are considered residential or commercial property.
Eric Adams, the New York City Mayor, announced that he would take his first income in Bitcoin and Ether (ETH) on Thursday. The funds will arrive Friday. The income will not be paid straight in crypto. Rather, it will first be provided in fiat dollars (USD) and after that transformed to digital currencies on crypCoinbase.
” New York is the centre of the universe, and we desire it the center for cryptocurrency and other monetary innovation.” We will continue to draw in skill from worldwide by being at the leading edge of this innovation, which will develop jobs and improve our economy.
Matt Fraser, NYCs chief tech officer, added:
” This mayors action is a fantastic example of how tech can empower people with more alternatives to manage their money.
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