On Thursday, Detroit announced plans to become the largest city in the United States to accept bitcoin and other cryptocurrencies to pay taxes. according to Local media reportsResidents will be able to make payments through a PayPal-operated platform from mid-2025 as the city looks to modernize its payment systems.
Cryptocurrency movement in Detroit
Mayor Mike Duggan expressed his excitement about the initiative, emphasizing Detroit’s commitment to fostering a “tech-friendly environment” that supports residents and residents. Entrepreneurs. Dugan stated:
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 the civic applications of blockchain and allow residents to use their cryptocurrencies as a payment option.
Motor City Treasurer, Nikhil Patel, highlighted the initiative’s role in payment channels and improving customer experience, claiming that the Treasurer’s Office is committed to modernizing processes to improve customer experience and internal operational efficiency.
introduction Cryptocurrency payments It aims to increase access for Detroiters, including those who may be unbanked, by providing more options for electronic payments.
Detroit’s decision places it among a select group of jurisdictions adopting cryptocurrency for government transactions. Only three US states – Colorado, Utah, and Louisiana – currently accept cryptocurrencies for state payments.
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In conjunction with the cryptocurrency payment announcement, Detroit is also inviting blockchain entrepreneurs to submit ideas for civic applications of the technology.
Justin Onwenu, the city’s first Director of Entrepreneurship and Economic Opportunity, is leading this initiative as the city seeks projects that harness… Blockchain potential To enhance transparency, improve data security and simplify public services. Onwenu noted:
This announcement represents our openness to new ideas and dedication to making Detroit a place for entrepreneurs and bold ideas to thrive. Blockchain technologies have the potential to enhance accessibility, efficiency, transparency, and security, and we’re excited to hear from the entrepreneurs at the forefront of this work.
The announcement comes on the heels of significant investments in cryptocurrencies from the Michigan State Retirement System. recently filings It revealed that more than $6.9 million has been invested in the ARK/21Shares Bitcoin ETF and an additional $10 million in Ethereum ETFs.
However, with Donald Trump winning the presidential election on November 5, we can expect similar moves from other jurisdictions for 2025-2029. Made the 47th President of the United States now Key promises During his election campaign, including making Bitcoin a strategic reserve asset for the country.
While Trump has pledged to make the United States the “cryptocurrency capital of the world,” with bitcoin at the heart of every speech he has given in recent months, he has also pledged Suggested That taxes on Bitcoin and other cryptocurrency transactions could be eliminated during his next White House term.
At the time of writing, Bitcoin was trading at $76,349, just below its record high of $76,880 during Thursday’s trading session.
Featured image of DALL-E, chart from TradingView.com
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