NYC Shocks Crypto World With Bitcoin Tax Payment Plan

As per The Defiant, Mayor Eric Adams, at the first NYC Crypto Summit on May 20, 2025, announced the creation of a Digital Assets Advisory Council.

The initiative is also working to incorporate blockchain technology into city services while making the city a place where fintech jobs can be created and establishing New York City as a leader in the digital assets space.

“Today is our announcement to launch a digital asset advisory council to bring fintech jobs and investment right here in the Big Apple,”

Mayor Adams said at the summit.

The experts on the council will advise the city on its approach to digital assets and blockchain innovation. The appointment of a council chairperson and key policy recommendations are anticipated in the weeks to come.

Exploring the NYC Crypto Plan for City Payments

Adams said the city is considering taking cryptocurrency for some city taxes and services. The transfer demonstrates the city’s commitment to incorporating digital currencies in its financial infrastructure, the administration says.

The city is also exploring incorporating blockchain for the management of vital records, including birth and death certificates. The goal of this project is to improve the productivity and safety of the city services.

The State and Prospects of Bitcoin

BTC prices are near $110,594 as of the last check (May 23, 2025). The digital currency has grown substantially, and many analysts have positive predictions for its future.