The city commission in Vicco, Kentucky, has approved a measure on Monday to begin paying the city’s police chief in a virtual currency, a move officials say is likely the first of its kind in the vicco kentucky bitcoin. 1,000 per coin, according to USA Today. 100 at the beginning of the year. The city commission in Vicco opted last month to hold off on approving Vaughn’s request in order to research the issue.
Commissioner Claude Branson on Monday said officials did their homework, and there doesn’t seem to be any logistical or legal issues to paying Vaughn in Bitcoin. We done a checkup on it, and that’s the way he wants paid, and that’s the way the city is going to pay him,” Branson said. Only Vaughn’s take-home pay will be issued in Bitcoin, explained Mayor Johnny Cummings. All applicable federal and state taxes will be removed before Vaughn’s salary is then converted electronically to Bitcoin and deposited in an online account for the city of Vicco. The currency then will be instantly transferred to Vaughn’s own Bitcoin account. While Bitcoin is neither regulated nor recognized as an official currency by the federal government, Cummings said there shouldn’t be any legal obstacles for the city. He noted several businesses across the country are accepting Bitcoin or have plans to do so.
He added Vaughn could begin receiving his salary in Bitcoin as early as this month. Basically his next paycheck,” Cummings said. They’ve set up the accounts for Vicco and for Tony, so it can be transferred. Vaughn added, however, that the city is going to continue to check into the payment system and further ensure that no barriers exist before he receives his first Bitcoin transfer. The reason they wanted to pass the ordinance is this allows us greater latitude as far as finding out the legalities of it,” he said. Vaughn said during last month’s meeting that the city stands to make history with this transaction, as there is no record of a government entity paying one of its employees in Bitcoin. Vicco again,” Vaughn said, referring to the city’s fairness ordinance passed in January that prohibits discrimination based on sexual orientation.
The city was the first in the region to approve such a law, and at the time only the third in Kentucky. But Cummings added that publicity isn’t necessarily the only reason for the city to take such a step. Since the city’s passage of its fairness ordinance and a subsequent appearance on Comedy Central’s “The Colbert Report,” officials have received several donations, including several pieces of playground equipment for a new park near City Hall. We just want to be on top of things, and up-and-coming and more progressive as a city,” Cummings said.
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As of today, Bitcoin is trading at 17249. But what exactly is a Bitcoin and what is all the hype about? To answer that, let’s start at the beginning. Bitcoin: A Peer-to-Peer Electronic Cash System. So how does this work, exactly? By signing up for Bitcoin, you will receive an address. This address has nothing to do with where you live, rather this is an alphanumerical code that acts as your Bitcoin ID.
These days, you can even do your shopping with Bitcoin, as many major retailers, like Expedia, now accept Bitcoin as a form of payment. Its acceptance as currency goes to show that Bitcoin is here to stay. Now, what’s so scary about Bitcoin? For starters, it is permissionless and borderless, meaning you can send any amount of money to anyone, anywhere in the world with a push of a button. No ID is necessary and no one will check to see if the transaction was legal. On the other hand, using Bitcoin allows you to bypass the annoyance of having the bank nosing about your business and forgo the nuisance of the bank’s limits on your money transfers, since Bitcoin actually allows you to transfer any amount of money to anyone you want with no questions asked. The economists and basically the top one percent all say that Bitcoin is a bubble that will eventually pop.