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City of Jackson to Make History with Cryptocurrency Payroll Conversion

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Mon, 12/20/2021 - 08:16
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Alex Dovbnya
Jackson plans to allow crypto payroll conversion options next year
City of Jackson to Make History with Cryptocurrency Payroll Conversion
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Jackson, the ninth-largest city in the state of Tennessee, is on track to allow crypto payroll conversion options for residents, according to a report by a local media outlet.

The city has now opened a request for bids from companies that will be responsible for converting cryptocurrencies.

The bidding process will start on Dec. 22, according to Mayor Scott Conger. All proposals will have been reviewed by the committee by February:

They'll probably make a recommendation to the council in February.

Conger explains that the city cannot hold Bitcoin on its balance sheet due to legal restrictions. Hence, the city cannot pay its residents directly in crypto.

Employees' payroll deductions will be sent to a third party that will purchase crypto.

The goal is diversification of payments, according to Conger, who has emerged as one of the crypto-friendliest mayors in the U.S.

Jackson expects to attract companies that are willing to get paid in Bitcoin.

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"Why not Jackson?"

In October, Miami Mayor Francis Suarez doubled down on his plan to allow government employees to get paid in Bitcoin:

I want us to differentiate ourselves as a crypto capital of the United States or of the world.

Conger that it would be easier to implement such a plan in a big city like Miami because of fewer roadblocks, but he is not giving up on his crypto ambitions:

Why not Jackson? Why can't we do something that can off-set the current economic system that we have?

As reported by U.Today, Conger first announced his plan to adopt cryptocurrencies in early April.

Last month, he announced that he would convert his salary to Bitcoin, joining Suarez, New York City Mayor-Elect Eric Adams and Tampa Mayor Jane Castor.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.