The City of Jackson, Tennessee, could be the first to give its employees the option for Bitcoin as a payroll conversion option. Scott Conger, the city’s mayor, has previously suggested adding Bitcoin as a payment option for city employees.
According to Conger, the move will diversify how they pay employees. Moreover, paying contractors and companies in Bitcoin will attract more bidders. Conger already has a motion to bring his plans to fruition.
The city has opened a request for bids
The city has opened a request for a proposal that will enable other platforms to pay as the city’s cryptocurrency converter. Third parties have until December 22 to respond to the RPF. The committee will then go through the bids and decide by February.
The city plans to pay a contractor in U.S dollars for the number of employees they will pay in Bitcoin. Afterward, the company will convert the payment and send it to the employees. If things go according to Tennessee’s plans, employees will receive Bitcoin payments in 2022.
According to Conger, the move will allow employees to diversify their investments. In addition, it will open up opportunities for the city.
Jackson is not the only city considering making Bitcoin a conversion option. Another such city is Miami which is a better option to implement this. However, Conger is sure that his city will be the first.
Many countries are opposed to digital currency
Over the last few weeks, Bitcoin has been downtrend as many countries decide how to handle it. For instance, China has completely banned digital currency. India, on the other hand, is still in discussion on what to do with cryptocurrency. However, the Reserve Bank of India has stated that it supports a full ban.
In addition, the Bank of England also stated that cryptocurrency is completely useless and that investors should be prepared to lose their money at any point. The back also suggested that the industry will not maintain its trajectory in the long run.
Despite crypto’s opposition, a few countries, including Singapore and El Salvador, have accepted it. El Salvador has even created laws to regulate the industry. While its stance in the U.S is not definite, some investors have found comfort in cities such as Jackson supporting it.