Detroit Allows Residents to Pay Taxes in Crypto
JST
CVC
2024
2024
PYUSD
Detroit is making more moves to embrace modern technology, especially in finance, and seems set to introduce cryptocurrencies to the mix. Recent news suggests that Detroit residents will soon be able to pay their taxes and other city obligations using crypto.
Detroit’s Office of Treasury shared the news on November 7, revealing that PayPal would help manage the crypto payment option. The Office of Treasury further revealed that the new crypto option would be implemented in mid-2025.
Detroit Explores Blockchain for Civic Payments with PayPal Partnership
Detroit Mayor Mike Duggan shared more details in a statement: “Detroit is building a technology-friendly environment that empowers residents and entrepreneurs. We are excited to be one of the first major US cities to explore blockchain’s civic applications and allow residents to use their cryptocurrency as a payment option.”
It is not yet clear what cryptocurrencies the program will support. However, the partnership with PayPal has led to speculation that the program could use some of the cryptocurrencies PayPal currently supports.
The payment service provider supports cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin, and Ether. PayPal also launched its native stablecoin, PayPal USD (PYUSD), earlier this year. The payment company has helped facilitate the use of crypto for everyday costs.
JUST IN:
Detroit, Michigan to become largest US city to accept #Bitcoin and crypto as payment for taxes. pic.twitter.com/NzrXFrDAbn
— Bitcoin Magazine (@BitcoinMagazine) November 7, 2024
How Significant Is Detroit’s Move to Use Crypto for Tax?
Enabling residents to pay taxes using crypto is an encouraging development for the crypto industry. City authorities believe the move will help attract more blockchain companies to Detroit and increase operational efficiency. Crypto taxes aren’t the only blockchain-friendly measure Detroit has adopted. The city recently invited blockchain companies to pitch their ideas for innovative civic blockchain ideas.
All of these reflect the city’s ambition to become a major crypto hub in the US. Justin Onwenu, Detroit’s director of entrepreneurship and economic opportunity, notes that “blockchain technologies have the potential to drive greater accessibility, efficiency, transparency, and security.”
— Cointelegraph (@Cointelegraph) November 7, 2024
This view shows that Detroit could warm up to more blockchain-friendly policies in the coming months. Interestingly, Detroit isn’t the only US city warming up to paying taxes with crypto. Other cities and states, like Miami Lakes in Florida and Willston in South Dakota, accept crypto for taxes or civic payments. Furthermore, both Louisiana and Colorado have embraced crypto payments, thanks to partnerships with third-party providers like BitPay and PayPal.
As AltcoinBuzz recently reported, Florida’s Chief Financial Officer, Jimmy Patronis, recently urged the state to add Bitcoin to its retirement fund portfolio. All of these come amidst Donald Trump’s decisive victory in the US presidential election.
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