Detroit has announced plans to introduce cryptocurrency payments for taxes and city fees from mid-2025. This step is part of a strategy to modernize the city and attract blockchain companies.
Introduction of Crypto Payments in Detroit
According to a statement from Detroit's Treasury on November 7, new crypto payment options will be implemented via a 'secure payment platform managed by PayPal.' The specific cryptocurrencies to be accepted have not been clarified, but PayPal currently supports a small number of major crypto assets including Bitcoin, Ether, Bitcoin Cash, Litecoin, and its own stablecoin PayPal USD.
Detroit's Action Plan
Detroit plans not only to modernize its payment channels but also to improve internal operational efficiency. The city is also inviting blockchain entrepreneurs to pitch ideas for civic blockchain applications by December 15 via email. 'Blockchain technologies can drive greater accessibility, efficiency, transparency, and security,' said Justin Onwenu, the city's Director of Entrepreneurship and Economic Opportunity.
Impact on Industry and City
Accepting cryptocurrency payments places Detroit among a growing number of US cities such as Miami Lakes and Willston that also accept crypto for taxes and city services. Detroit's new initiative aligns with the election of Donald Trump as president, leading to expectations of pro-crypto policies.
Detroit's move to accept cryptocurrencies for tax and city fee payments opens up new opportunities for attracting blockchain companies and technological innovation, potentially strengthening the city's economy and infrastructure in the future.
