The City of Jackson to Add Crypto as Payroll Conversion Option
Main page News, US, Crypto Market, Cryptocurrency
Hot topic
Dec. 20, 2021

The City of Jackson, Tennessee, will soon add a new option that allows cryptocurrency conversion as payrolls for city employees, a local news outlet Jackson News has reported. According to the report, the city has already opened a request for proposal (RFP), which allows third-party platforms to apply to be the city's cryptocurrency converter.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Jackson City Mayor, Scott Conger, says the next year will become a milestone for the city as it will open the bids. Recommendations to the council are expected to be ready by February. The mayor also emphasized that the payroll conversion will not be obligatory so that anyone will be able to choose the preferable option.

"It is not something that is going to be required. It is an alternative. Think of it like you are investing in the stock market. What do you want to do? You are want to diversify your investments. And this is just another way to diversify the portfolio of how we generate revenue—potentially throughout the city," Conger explained.

Coinbase to Allow Paycheck Deposits for Regular Trades

He also noted that the city itself cannot hodl cryptocurrency on its balance sheet due to the state law, which is why the City of Jackson wants to partner with a third-party platform. Conger added:

"So we would pay our employees, and part of it would be a payroll deduction which would go to the third party, which they would then — from a pre-determined amount they had worked out — open that wallet for them and purchase bitcoin or another cryptocurrency."

If and when the City of Jackson adopts the cryptocurrency payrolls, it will become the very first city on a national scale to hit such a milestone.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error