“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” Adams said in a statement. “Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.”
The city noted in its news 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 cryptocurrency.
Adams’ use of his public office to promote the crypto industry drew criticism from at least one upstate New York environmental group, Seneca Lake Guardian, which noted that creating and managing cryptocurrency can consume enormous amounts of energy, often produced by power plants that contribute to climate change.
“Mayor Adams is dead wrong and his ignorance could cost New Yorkers millions of dollars in energy bills while killing local economies, poisoning our water and filling our air with deadly C02 emissions,” the group said in a statement.
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