The announcement was a transparent assertion of political assist for crypto, and follows remarks Adams made this week indicating he needs to draw extra crypto jobs to New York and probably create a digital foreign money for town.
“NYC goes to be the middle of the cryptocurrency trade and different fast-growing, revolutionary industries!” Adams mentioned Thursday. “Simply wait!”
The need by Adams to be paid instantly in Bitcoin highlighted a lot of sensible issues surrounding digital foreign money.
Crypto nonetheless faces main obstacles as a instrument for day-to-day funds, partly as a result of it is taxed by the IRS as property. There are additionally questions on how a Bitcoin-based wage would mesh with federal labor legal guidelines. It is unclear who would management the digital “pockets” that town would want to make use of to pay Adams.
“I am simply attempting to think about the method for getting that cleared to make it occur,” mentioned Stephen Palley, associate on the legislation agency Anderson Kill. “It simply feels like a nightmare.”
Suarez applauded Adams for becoming a member of the membership of crypto-savvy mayors.
“Touché … congrats on the election and I look ahead to the pleasant competitors in making our respective cities a crypto capital!” Suarez said on Twitter.