Connect with us

Hi, what are you looking for?

Detroit residents
Detroit residents

Cryptocurrency

Detroit will accept crypto payments for taxes and fees by 2025

Beginning in mid-2025, Detroit citizens will be able to pay taxes and local fees using bitcoin, as part of a new drive to modernize payment methods and promote a tech-friendly atmosphere. This measure aims to streamline local services and encourage blockchain innovation.

The Office of Treasury has unveiled a new initiative that will soon enable residents of Detroit to pay taxes and local fees using cryptocurrency. Beginning in mid-2025, people will be able to make these payments via a secure platform handled by PayPal, a significant step forward in the city’s efforts to modernize its financial processes.

PayPal currently accepts major digital currencies like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and its own stablecoin, PayPal USD, despite not disclosing the specific cryptocurrencies it supports. This program is consistent with Detroit’s overall goal of positioning itself as a tech-forward city that embraces emerging technologies.

Detroit Mayor Mike Duggan expressed delight for the effort, emphasizing the city’s commitment to building a technologically friendly environment that benefits both citizens and companies. Detroit intends to be one of the first big U.S. cities to provide blockchain-based payment choices for public services.

In addition to implementing cryptocurrency payments, Detroit is encouraging blockchain entrepreneurs and developers to submit proposals for blockchain uses in municipal projects. Submissions are open until December 15, providing an opportunity for entrepreneurs to cooperate with city officials on ideas that improve openness, security, and accessibility to public services.

Detroit’s use of cryptocurrency payments follows a growing trend among American towns and states such as Miami Lakes, Colorado, and Louisiana, which have begun taking cryptocurrency for taxes and other municipal payments through agreements with third-party companies.

With this forward-thinking approach, Detroit intends to attract blockchain startups, strengthen its economy, and improve city operations by leveraging blockchain technology and digital assets’ growing significance.

Advertisement

You May Also Like

Finance

Goldman Sachs is separating its blockchain platform to create an industry-owned solution. The program intends to increase blockchain usage in capital markets, provide innovative...

Cryptocurrency

President-elect Donald Trump will meet with Brian Armstrong, CEO of Coinbase, to discuss personnel selections, including key positions that could influence bitcoin legislation. The...

Cryptocurrency

Options trading for a spot. Industry analysts predict a significant shift in bitcoin investment techniques with the upcoming launch of Bitcoin ETFs. BlackRock's iShares...

Business

U.S. lawmakers have urged the Treasury to address the ongoing operations of Tornado Cash, a crypto-mixing firm sanctioned in 2022 for allegedly laundering billions....

polkadot
Polkadot (DOT) $ 8.91 2.14%
bitcoin
Bitcoin (BTC) $ 98,237.32 0.18%
ethereum
Ethereum (ETH) $ 3,388.71 0.55%
cardano
Cardano (ADA) $ 1.05 0.63%
xrp
XRP (XRP) $ 1.45 0.66%
stellar
Stellar (XLM) $ 0.528935 5.78%
litecoin
Litecoin (LTC) $ 96.71 3.66%