The residents of the U.S. city of Detroit will soon be able to pay taxes and other city fees using cryptocurrency, as the city’s Treasury Department plans to introduce crypto payment options by mid-2025.
On November 7, the Department released a statement announcing a new initiative aimed at aligning with its ongoing efforts to modernize payment channels and create a tech-friendly environment that attracts blockchain companies.
The Detroit Treasury revealed that the new payment options will be powered by a secure platform managed by PayPal. While specific cryptocurrencies have yet to be confirmed, PayPal currently supports assets such as Bitcoin, Bitcoin Cash, Ether, Litecoin, and its own stablecoin PayPal USD.
The payment option will be made available in mid-2025 along with other improvements to city payment services, said Treasurer Nikhil Patel.
“The Treasurer’s Office is committed to modernizing our payments channels and processes to enhance the customer experience and improve internal operational efficiency,”
Patel stated.
“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.”
The city’s Mayor,Mike Duggan, emphasized that the shift aims to enhance operational efficiency and offer residents modern financial solutions, stating, “Detroit is building a technology-friendly environment that empowers residents and entrepreneurs.”
In addition to the crypto payment option, Detroit has extended an invitation to blockchain innovators to propose civic applications for the technology. Justin Onwenu, Detroit’s director of entrepreneurship and economic opportunity, who is leading the initiative, encouraged entrepreneurs to pitch ideas by December 15, 2024.
On the other side of the globe, Hong Kong is also making strides in accommodating cryptocurrency investments. During his speech at Hong Kong Fintech Week on October 28, Christopher Hui, Secretary for Financial Services and the Treasury, announced plans to expand current tax concessions on privately offered funds and family offices to include crypto assets. By year-end, the government intends to propose legislation extending these tax breaks, potentially reducing tax obligations for Hong Kong citizens holding cryptocurrency investments and offering added financial incentives for investors.
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