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Home News

Detroit to Accept Crypto for Taxes in 2025

November 8, 2024
Reading Time: 2 mins read
in News
Detroit to Accept Crypto for Taxes in 2025

In a groundbreaking move, Detroit has announced that starting in mid-2025, residents will be able to pay their taxes and other city fees using cryptocurrency. This initiative, unveiled by Detroit’s Office of Treasury on November 7, marks a significant step in the city’s efforts to modernize its payment systems and attract blockchain innovation. The payments will be processed through a secure platform managed by PayPal, which supports major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. While the specific cryptocurrencies that will be accepted have not been disclosed, PayPal’s existing support for these digital assets suggests that these will likely be included in the new payment options.

The move is part of a broader initiative to position Detroit as a leader in adopting blockchain technology for civic applications. Detroit Mayor Mike Duggan expressed excitement about the city’s potential to create a technology-friendly environment that empowers both residents and entrepreneurs. He highlighted that this initiative would help the city remain at the forefront of technological advancement, while also streamlining payment processes and improving internal operations. The city aims to be among the first major U.S. urban centers to explore blockchain’s role in civic services.

Alongside the crypto payment option, Detroit is also calling on blockchain entrepreneurs to submit ideas for further blockchain applications that could enhance the city’s civic infrastructure. The city is actively inviting innovators to pitch their concepts, with a deadline for submissions set for December 15. Justin Onwenu, the city’s Director of Entrepreneurship and Economic Opportunity, emphasized that blockchain technologies could improve accessibility, efficiency, and security within municipal services, and the city is keen to explore how these technologies can be utilized for public good.

Once implemented, Detroit will join other U.S. cities and states that have adopted cryptocurrency for civic payments, such as Miami Lakes in Florida and Williston in South Dakota. The trend is growing, with Colorado and Louisiana also allowing cryptocurrency payments for certain services, typically through third-party payment vendors like PayPal or BitPay. Detroit’s initiative reflects a broader push to integrate digital currencies into the public sector, signaling a shift toward more modern, efficient, and secure systems for urban governance.

Reference:

  • Detroit to Start Accepting Cryptocurrency for Taxes and City Services by 2025
Tags: BitcoinBitcoin CashCryptocurrenciesCyber NewsCyber News 2024Cyber threatsDetroitEthereumGovernmentLitecoinNovember 2024PayPalTaxesUSA
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