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NY Mayor-elect Eric Adams will take his first three paychecks in Bitcoin

11/05/2021

The Mayor-elect mentioned he plans to make New York the “middle of the cryptocurrency trade” after he takes workplace in January.

New York Democrat Mayor-elect Eric Adams revealed on Twitter immediately he intends to take his first three paychecks in Bitcoin. Adams additionally doubled down on his plans to make New York the “middle of the cryptocurrency trade” after he takes workplace in January.

The clear assertion of political assist for cryptocurrency got here in response to an earlier tweet by Bitcoin podcaster Anthony Pompliano:

“Who’s going to be the primary American politician to just accept their wage in bitcoin?”

Miami Mayor Francis Suarez, who gained reelection earlier this week, replied to the tweet saying that he plans to take his subsequent paycheck in Bitcoin.

This prompted Adams to reply by one-upping his Republican colleague:

“In New York we at all times go large, so I’m going to take my first THREE paychecks in Bitcoin once I turn into mayor”.

The race to turn into the primary politician within the U.S. to just accept their wage in crypto is indicative of the pleasant rivalry between NY and Miami to turn into the main crypto hub in America. After he gained the Democratic nomination for Mayor in June, Adams promised in his victory speech that NY would turn into the “middle of Bitcoins”.

“Miami, you had your run,” he mentioned on the time.

In an interview with Bloomberg radio on Wednesday, Adams vowed to “take a look at what’s stopping the expansion of Bitcoin and cryptocurrency in our metropolis.” He additionally indicated plans to observe Suarez’s footsteps with the creation of MiamiCoin.

In that scheme people use Stacks, a wise contracts and software layer constructed on Bitcoin, to mine MiamiCoin, with 30% of the income going again to town to fund public initiatives. The remaining 70% of income may be locked to earn rewards in Bitcoin and Stacks.

“He has MiamiCoin that’s doing very effectively — we’re going to look within the route to hold that out.”

NY has a number of the strictest crypto change guidelines within the US. NY-based crypto analyst Stephen Chen from Inflation Hedge Coin instructed Cointelegraph that he hopes the brand new Mayor Elect’s assist will see some extra pro-crypto amendments to the 2015 BitLicense rules.

Learn extra: Crypto on the polls: Eric Adams wins NYC mayoral race

New York launched the controversial BitLicense regulatory regime in June 2015, which has been criticized for being hostile to crypto. The BitLicense applies to crypto organizations concerned in transferring, shopping for, promoting, exchanging or issuing crypto.

NY residents are solely legally allowed to purchase and promote tokens from registered organizations. There are at the moment 105 authorized digital currencies within the state.