Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Detroit to Accept Crypto for Taxes with PayPal
Innovation | Nov 7, 2024
Image courtesy of Freepik
Detroit Partners With PayPal to Accept Cryptocurrency for Tax Payments
Detroit just announced that starting from mid-2025, residents and local businesses will be able to use cryptocurrency to pay taxes and city fees. This makes Detroit the largest U.S. city to adopt crypto payments for government services, a big leap forward for digital finance transactions. The city is partnering with PayPal to manage these payments with the goal of bringing a modern, flexible option to handling finances, and a tech and innovation boost to the city.
See: How Fintechs Are Tackling Financial Inclusion in Canada
Detroit’s new approach gives residents who already own digital currency a direct way to handle taxes and fees, and hopes to make payments easier and more open to everyone. Crypto payments offer a way for people without traditional bank access to settle city expenses with a modern alternative. The city’s choice to accept crypto also shows its interest in attracting new businesses and skilled workers.
PayPal Partnership
Global digital payment giant, PayPal, will oversee Detroit’s cryptocurrency transactions. The partnership gives residents the comfort of using a familiar branded platform, making it easier to manage their digital payments without added confusion or worries about security or a newly run service by the local government.
Implications
Detroit’s move to accept crypto payments might inspire other cities to do the same, especially as blockchain technology becomes more common in government services. The city is also inviting tech experts and blockchain developers to pitch ideas for using blockchain in other areas of public service, looking to attract fresh ideas that could be valuable for Detroit’s future.
See: PayPal Introduces Confidential Stablecoin Transfers
Conclusion
This decision signals to residents, businesses, and the tech world that Detroit is open to fresh ideas for modernizing government services. Fingers crossed that the initiative is successful as it could lead to using crypto in government services throughout North America.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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