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Detroit to Enable Cryptocurrency Tax Payments by 2025

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2 hours ago

By 2025, Detroit residents will be able to pay taxes and city fees using cryptocurrency as part of a new Treasury initiative.

Detroit Treasury's New Initiative

On November 7, Detroit's Treasury announced a new initiative to modernize payment channels and create a tech-friendly environment to attract blockchain companies, with the payment option expected by mid-2025 alongside other service improvements.

Payment Platform and PayPal Support

The new crypto payment platform will be managed by PayPal. While the specific cryptocurrencies remain unconfirmed, PayPal currently supports Bitcoin, Bitcoin Cash, Ether, Litecoin, and PayPal USD.

This new payment platform will increase accessibility for Detroiters who would like to use cryptocurrency; more importantly, the platform upgrade will also make it easier for Detroiters to make electronic payments – including those who may be unbanked.

Attracting Blockchain Innovations

Detroit invites blockchain innovators to propose civic technology applications, with proposals open until December 15, 2024. The city's mayor emphasizes the importance of creating a technology-friendly environment.

Detroit's move to cryptocurrency payments signifies a major step towards modernizing financial services and embracing innovation for residents' convenience.

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