JACKSON, Tenn. — In Could, Jackson Mayor Scott Conger introduced that the Metropolis of Jackson will presumably pay staff or contractors in cryptocurrency.
Nonetheless, there are just a few considerations over the legality of this potential transfer.
“The Comptroller, Jason Mumpower, despatched a letter to Mayor Conger mainly advising him that this must be fastidiously reviewed. It’s doable that this would possibly truly violate sure legal guidelines, together with the Truthful Labor Customary Act,” mentioned John Dunn, Director of Communications at Tennessee Comptroller of the Treasury.
The Truthful Labor Requirements Act says wages should be paid in money or a negotiable instrument payable at par. Nonetheless, Conger says he doesn’t plan on paying staff immediately, however will give them the choice to speculate.
“We pay staff in U.S. {dollars} by way of a 3rd occasion platform or firm, then they’ll payroll deduct their cash into an funding account,” Conger mentioned.
Conger says that is presumably one of the best ways of a deferred compensation possibility for Jackson staff, in the event that they select to take part in it.
“We wouldn’t be holding. We wouldn’t be paying. The RFP is fairly in depth on the schooling piece, of the way to make investments, what to supply, and letting the workers know what their choices are in the event that they select to put money into any cryptocurrency or Bitcoin,” Conger mentioned.
Conger says cryptocurrency in Jackson can appeal to and open doorways for brand new residents, companies, folks in tech, and extra.
“These tech corporations, these tech staff, these entrepreneurs, small enterprise homeowners, we don’t need to put all of our eggs in a single basket. Say, ‘Hey we need to land in Georgia Pacific.’ We need to diversify. Identical to once you make investments, you need to diversify. We need to diversify how we appeal to folks to Jackson,” Conger mentioned.
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