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New York mayor-elect plans to accept Bitcoin paychecks

New York’s next mayor, Eric Adams, wants to make his city the crypto hub. As part of his plan, he will receive his salary in Bitcoin after taking office in January.

“In New York, we’re always going big, so I’m going to take my first three Bitcoin paychecks when I’m mayor,” Adams tweeted Thursday. It is not clear, however, whether the mayor-elect can accept payment in Bitcoin.

Adams campaign spokesperson Evan Thies says the mayor-elect will convert his salary into Bitcoin via an exchange, Politics reported.

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Miami Mayor Francis Suarez also tweeted on Tuesday that he would take his first salary in Bitcoin. Suarez, a cryptocurrency champion, is struggling to make Miami a hub for the crypto industry.

Adams, a Democrat turned second black mayor of America’s largest city, is competing with Suarez to turn his city into the crypto capital of the world.

Suarez’s progressive crypto policies have attracted venture capitalists, startups, and crypto exchanges that have established additional offices or moved to Miami.

In February, Suarez announced that Miami employees would be allowed to receive their wages in Bitcoin. The city would also accept cryptocurrency tax payments. In June, Miami hosted Bitcoin 2021 which was billed as the biggest Bitcoin event in history. The conference brought together thousands of Bitcoin enthusiasts.

Miami also unveiled a cryptocurrency called MiamiCoin in August in collaboration with the nonprofit CityCoins. Since the city agreed to accept donations in MiamiCoin starting September 13, the program has generated around $ 7.1 million for Miami, the Washington post reported.

“Eric Adams is not a very influential person to influence people who are about to join the cryptoversy,” said a senior market analyst at FX broker Oandam Edward Moya. Reuters.

After being nominated by the Democratic Party as mayor in June, Adams said he wanted to make the city “the center of all technology.”

Adams said on Wednesday he would look at all aspects that are preventing the growth of cryptocurrency in New York City. Adams could run into obstacles along the way, however, as New York Attorney General Letitia James recently launched a crackdown on unregistered cryptocurrency companies. Last week, James said she would run for governor of New York.

Meanwhile, Bitcoin prices have climbed to $ 61,400 this year, according to CoinDesk. It was trading at 62,442.26 on Binance when this story was posted.

(Edited by : Jomy Jos Pullokaran)


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