Vicco in Kentucky is a small town; however, it is making its way into the news around the world for it is the first of its kind wherein its Police Chief Tony Vaughn, will be paid in Bitcoin. With a population that is around 330 people, Vicco could not have got any other better reason to be in the news than to become the first place that is going to offer its officer in Bitcoin.
According to reports published in the local newspaoer the city commission this week approved a measure that would allow Vaughn to receive his salary entirely in Bitcoin. This is the first of its sort in the U.S. and around the world wherein though it will be set in U.S. dollars, will receive standard federal and state deductions.
Salary will be in Dollars Which Then Would Be Converted to Bitcoin
A major trouble which the payers will face is the fluctuating prices of Bitcoin against dollar as recently, it has gone up above $1200. From this month on, Vaughn will be paid in Bitcoin; this measure may soon be expanded to the city employees in Vicco. However, as Vaughn was the first who made his request last month for Bitcoin, he got it first.
According to City Commissioner Claude Branson he did a checkup on the proposal from Vaughn and realized that if he wants that way, it should be respected. He says that the city just wants to be on top of things, and up-and-coming and more progressive. The payments will processed later this month and there won’t be any delay.
All Applicable Taxes and Other Charges Will be levied in Vaughn’s Salary
Though salary will be in Bitcoin, there is no respite for Vaughn in terms of taxes as all applicable federal and state taxes will still be chopped for each pay period. After deducting all applicable taxes and charges the city will transfer the salary in Bitcoin account that it has opened for Vaughn. The transfer will be done after electronically converting dollars to Bitcoin.
Efforts will be made to transfer Bitcoin to Vicco’s own digital wallet which he feels is the first of its kind and feels excited about it. Vicco in Kentucky is often in the news for something progressive; recently, it passed an ordinance that outlawed discrimination based on sexual orientation which was later on followed by the United States Senate when it approved the Employment Non-Discrimination Act, or ENDA.
To contact the reporter of this story: Deepak Tiwari at email@example.com