Detroit to Implement Cryptocurrency Tax Payments
Date: 2024-11-08 Author: Oliver Abernathy Categories: IN WORLD
The Detroit Treasury announced that starting in mid-2025, city residents will be able to pay taxes using crypto assets. To do this, the city will use a platform operated by major payment operator PayPal (NASDAQ: PYPL). Although the list of available cryptocurrencies is not specified, PayPal already supports assets such as BTC, ETH, BCH, LTC and its own stablecoin PYUSD. Authorities are confident that this innovation will not only increase the efficiency of the payment infrastructure, but will also attract blockchain companies to Detroit.
The city's mayor, Mike Duggan, noted that Detroit is committed to creating a progressive technological environment that promotes business development and expands opportunities for citizens. He emphasized that Detroit could become one of the first major cities in the United States to provide the opportunity to pay taxes with cryptocurrency. The city administration is also considering integrating blockchain into public systems, which Duggan believes will increase the transparency and security of a number of processes.
The mayor called on entrepreneurs and large companies to share ideas on how to use blockchain to improve city infrastructure and economic development. Interested candidates can submit their proposals by emailing the city administration before December 15.
Earlier, in 2022, Colorado also allowed its residents to pay taxes using cryptocurrency, and in September, the Louisiana Department of Wildlife and Fisheries accepted Bitcoin payments for government services for the first time.
