NYC’s mayor invests first paycheck in cryptocurrency

By MICHELLE L. PRICE and THALIA BEATY
Associated Press

NEW YORK (AP) — New York City Mayor Eric Adams plans to convert his first paycheck this week into two cryptocurrencies. he has been hyping as a potential economic engine for the city. The Democrat’s office announced Thursday that Adams’ first salary payment will be deposited with Coinbase, an online platform used for buying cryptocurrency. The Democrat says he wants to make New York “the center of cryptocurrency.” The city noted in its press release that federal labor rules bar the city from paying employees in cryptocurrency, but that any worker paid in U.S. dollars can use an exchange to buy digital coin.