Detroit to accept crypto for taxes by mid-2025
Detroit will allow residents to pay taxes and city fees with cryptocurrency starting mid-2025 as part of a move to modernise its payment systems and attract blockchain businesses.
The announcement, made by Detroit’s Office of Treasury on November 7, highlighted that the crypto payment option will be facilitated through a secure platform managed by PayPal.
While specific cryptocurrencies have not been confirmed, PayPal currently supports Bitcoin (CRYPTO:BTC), Ether (CRYPTO:ETH), Bitcoin Cash (CRYPTO:BCH), Litecoin (CRYPTO:LTC) and its own stablecoin, PayPal USD (CRYPTO:PUSD).
“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,” Mayor Mike Duggan expressed, showing enthusiasm for the initiative.
The city also invited blockchain entrepreneurs to propose innovative civic applications.
Proposals can be submitted to Justin Onwenu, Detroit’s director of entrepreneurship and economic opportunity, with a submission deadline set for December 15.
“Blockchain technologies have the potential to drive greater accessibility, efficiency, transparency, and security, and we’re excited to hear from entrepreneurs at the forefront of this work,” Onwenu emphasised.
Detroit will join other U.S. cities, such as Miami Lakes, Florida, and Williston, South Dakota, that accept crypto for taxes and city services.
States like Colorado and Louisiana also accept crypto payments for certain services, typically partnering with vendors such as PayPal or BitPay to manage transactions.
The announcement follows the election of Donald Trump as President, with the crypto industry expecting pro-crypto policies and clearer regulations under his administration.
The potential changes include replacing SEC Chair Gary Gensler and considering a national strategic Bitcoin reserve.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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