(Bloomberg) -- New York City Mayor Eric Adams said his first paycheck -- which arrives on Friday -- will be converted into Ethereum and Bitcoin.

Before funds are made available, Adams’s first paycheck will be converted into cryptocurrency through Coinbase Global Inc., the largest U.S. cryptocurrency exchange.

“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.”

Adams said the city can’t pay employees directly in cryptocurrency due to U.S. Department of Labor regulations.

©2022 Bloomberg L.P.