According to a report by a local media outlet, the City of Jackson will soon be making history as the first city in the United States to allow crypto payroll conversion options for residents.
Mayor Scott Conger of Jackson City has been working to make bitcoin a part of the city government, which would be a new thing for any city government in the country. This is what the Jackson Sun reported in May.
When Conger said this in the past, “It will give us more chances.” When governments talk about how to pay for things, instead of just saying, “We’re going to raise your property taxes,” or “We’re going to put this fee in place,” it’s great. If we can think of another way to do it, we’ll do that.
People who work for us already get a chance to get money for their retirement in a different way. Adding more choices would be a good idea.
A request for proposals (RFP) has been opened, which means that third-party platforms can apply to be the city’s cryptocurrency converter. This will allow them to show that they can help the city.
“The RFP is out there.” Conger was very excited and said that right away. “The 22nd is when the people who responded to the RFP have to write back.”
So when the 22nd comes around, we’ll open the bids, have a committee meeting, and then they’ll look at it. Somebody should tell the council about what they think about it in February, right? It will be more interesting for city workers to get paid, says Conger.
He said: “I don’t think it’s going to be necessary.” : “It’s a different way. A lot of people think of it as if they were investing money in the stock market. What are you going to do? You want to spread out your investments. And this is another way to diversify the ways we make money, which could happen all over the city.
The city needs a third-party platform
Due to Tennessee state law, the city can’t pay in bitcoin because it would mean that the city would have to keep the money to pay it.
It’s like we’re working with a third-party platform, which is how we get our money in the future right now.” In this case, the third party would get a portion of the money that we pay our employees. They would then open a wallet for them and buy bitcoin or another cryptocurrency with the money that they had worked out.
The city will also be able to pay contractors and businesses in bitcoin, which will help the city get more bids.
As long as there is a company or contractor that wants to be paid in bitcoin, we can use the same third party and pay them in dollars. Then the company or contractor can convert the money and pay right away.
As we talked about in May, bitcoin-based employee options haven’t been used by any local government in the United States yet, as we said. Only Conger and Miami Mayor Francis Suarez are even thinking about it. That’s because very few people are even thinking about it.
“It’s a big city, so it makes sense.” “They have a better way to get there than Jackson does.” It was only when I started to get more comfortable with the subject of cryptocurrency and learn more about it than I thought, “Why not?” Jackson would be a good choice because he has a lot Why can’t we do something to change the way that we make money?
