New York Mayor gets the first three salaries in Bitcoin

New York Democratic Party Mayor Eric Adams announced on Twitter that he plans to get his first three salaries in bitcoin. Adams also stepped up his plans to make New York the “hub of the crypto industry” after taking office in January.

The clear statement of support for the cryptocurrency came in response to an earlier tweet from Bitcoin developer Anthony Pompliano:

“Who will be the first American politician to receive his salary in Bitcoin?”

Miami Mayor Francis Suarez, re-elected earlier this week, also responded to the tweet, saying he plans to get his next salary in bitcoin.

This prompted Adams to reply:

“We’re always going to make it big in New York, so I’ll take my first three paychecks in Bitcoin when I become mayor.”

The race to become the first politician in the United States to receive a salary in crypto is a sign of the friendly competition between NY and Miami to become the leading crypto hub in the US. After winning the Democratic Mayor nomination in June, Adams promised in his victory speech that NY would become “Bitcoin-centered”.

In an interview with Bloomberg on Wednesday, Adams vowed to “investigate what is stopping Bitcoin and crypto growth in the city”. He also mentioned his plan to learn from Suarez in founding MiamiCoin.

In this scheme, individuals use Stacks, a Bitcoin-based smart contract and application layer, to mine MiamiCoin, with 30% of the revenue flowing back to the city to fund projects. The remaining 70% of sales can be blocked to earn rewards in Bitcoin and Stacks.

“He’s got MiamiCoin that is doing really well – we’re going to look for ways to do the same.”

NY has some of the strictest crypto exchange rules in the US. Inflation Hedge Coin analyst Stephen Chen says he expects the new mayor’s support to make some pro-crypto changes to BitLicense regulations in 2015.

New York introduced the controversial BitLicense regulatory regime in June 2015, which has been criticized as anti-cryptocurrency. BitLicense applies to cryptocurrency institutions involved in the transfer, purchase, sale, exchange or issuance of cryptocurrencies.

New York residents are only allowed to buy and sell tokens from legally registered institutions. There are currently 105 approved cryptocurrencies in the state.

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Annie

According to Cointelegraph

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