By 2025, Detroit will begin accepting cryptocurrency payments for taxes and city fees as part of its efforts to modernize payment systems.
Detroit's New Strategy
Starting mid-2025, Detroit residents will be able to pay taxes and other city fees in cryptocurrency. This initiative will be implemented through PayPal's platform, which supports cryptocurrencies such as Bitcoin, Ether, Bitcoin Cash, Litecoin, and its own stablecoin, PayPal USD. This measure aims to modernize the city’s payment systems and create a more attractive environment for blockchain companies.
Impact on Business and IT Sector
The city is also inviting blockchain entrepreneurs to propose ideas for civic projects using blockchain technology. Entrepreneurs have until December 15 to submit their concepts via email to Justin Onwenu, Detroit's director of entrepreneurship and economic opportunity.
Cryptocurrency Initiatives in the U.S.
This move makes Detroit one of several U.S. cities, like Miami Lakes in Florida and Williston in South Dakota, that accept crypto for civic services. States like Colorado and Louisiana also accept crypto payments with third-party vendors such as PayPal and BitPay. Cryptocurrenжency initiatives are expected to gain momentum in the U.S. amid anticipated reforms and the inauguration of new crypto-friendly policies.
Detroit’s acceptance of cryptocurrency payments for taxes and city fees reflects its commitment to modernization and creating a more dynamic digital ecosystem.
