The city commission in Vicco [Kentucky] 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.