January 22, 2022
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New York City mayor gets his paycheck in BitCoin !!
The new mayor of New York City is receiving his first paycheck today — and it’s automatically being converted into Bitcoin and Ether. Department of Labor rules mean Eric Adams cannot directly receive his paycheck in crypto, meaning the funds have to go through Coinbase. He’s being paid about $260,000 a year for his role as mayor — and given he gets a paycheck every two weeks, his gross pay is $9,924.66.
Crypto-backed loans offered in El Salvador ??
Business Entrepreneurs in El Salvador will soon be able to obtain loans backed by Bitcoin Asssets. Interest rates could be between 6% and 10%, and this is being described as a vast improvement on the status quo. Many companies in the Central American country are unbanked, making it hard to access capital. Some entrepreneurs end up in the hands of loan sharks where annual interest rates average 2,300%. As an example, a business that borrows $100 for three weeks could end up paying interest of $15 a day.