NYC Mayor Adams to receive first paycheck in cryptocurrency Friday

January 20, 2022 Jeannine Cruz

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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Jeannine Cruz

Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.