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City approves measure to pay police chief in Bitcoin
Cris Ritchie hazard-herald.com VICCO – The city commission in Vicco 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 nation. Police Chief Tony Vaughn appeared before the commission last month to officially request that his salary be paid to him in Bitcoin, a new virtual currency which exists only on the Internet and this year has gained significant traction, with its value rising by the end of November to more than $1,000 per coin, according to USA Today. The currency was valued at less than $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. to read more click here: hazard-herald.com
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