New York officials who proposed the ban said Bitcoin mining will cause the state to break its legally binding promise to reduce emissions.

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NYC Mayor Receives His First Bitcoin Paycheck With No Regrets | Coinbase Launches Free Tax Center | JPMorgan Closes Uniswap Founder’s Bank Accounts

Eric Adams, the recently sworn-in Democrat Mayor of New York City, has no regrets accepting his first Bitcoin paycheck despite the fact that the crypto market recently got hammered. NYC Mayor Unfazed By Bitcoin Crash The double-digit sell-off of the crypto market on Friday saw bitcoin, the world’s largest cryptocurrency by market cap, establish an […]

Newly-inaugurated NYC mayor Eric Adams has doubled down on his positive outlook towards Bitcoin and cryptocurrencies by saying that the city is open to new technologies and is focused on encouraging younger residents to become more engaged in the industry.

Newly-elected New York City Mayor Eric Adams confirmed his first paycheck will be converted to Bitcoin (BTC) and Ethereum (ETH) on Friday via Coinbase cryptocurrency platform. The news comes after Adams vowed to take his first three paychecks in Bitcoin after engaging in a friendly twitter challenge with Miami Mayor Francis Suarez in November. Both Suarez and Adams are pushing to make their respective cities a centre for cryptocurrency hubs. In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait! — Eric Adams (@ericadamsfornyc) November 4, 2021 The recently-elected NYC Mayor will be paid in US dollars, which will be then converted into cryptocurrencies before being deposited into his account. The extra step of converting comes as the U.S. Department of Labor prohibits employees from being paid directly in cryptocurrency, but can have their funds converted before being deposited in their accounts. It remains unclear as to how long Adams plans to hold the cryptocurrencies or how they will be taxed. “New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations. Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe,” said Adams in a statement earlier on Thursday. Adams has been vocal about wanting to transform New York into a global crypto hub. In fact, cryptocurrencies were a big part of his election campaign last year. He even made sure that New York had its own CityCoin, a token that allows people to invest in the city. At the time, he said, “We’re going to become the centre of life science, the centre of cybersecurity, the centre of self-driving cars, drones, the centre of Bitcoins.”

The post NYC Mayor to Convert His First Paycheck to BTC and ETH via Coinbase appeared first on Cryptoknowmics-Crypto News and Media Platform.

The mayor of New York City, Eric Adams, has received his first paycheck in bitcoin and ether via Coinbase. “Promise made, promise kept,” the mayor said, referring to his promise to take his first three paychecks in cryptocurrency. Mayor of New York City Takes Paycheck in Cryptocurrency With the Help of Coinbase New York City […]

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