{"id":18896,"date":"2024-11-08T09:43:35","date_gmt":"2024-11-08T09:43:35","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=18896"},"modified":"2024-11-08T09:43:35","modified_gmt":"2024-11-08T09:43:35","slug":"detroit-to-accept-crypto-for-taxes-and-fees-in-bid-to-attract-blockchain-firms","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=18896","title":{"rendered":"Detroit To Accept Crypto For Taxes And Fees In Bid To Attract Blockchain Firms"},"content":{"rendered":"

Detroit <\/span>is set to<\/span> become one of the first major US cities to allow residents to pay taxes and city fees using cryptocurrency.<\/span><\/p>\n

The move aims to modernize the city\u2019s financial systems and attract blockchain-focused companies to Detroit, according to a <\/span>7 November 2024 announcement<\/span><\/a> from the city\u2019s Office of Treasury. <\/span><\/p>\n

The new payment option, expected to roll out by mid-2025, will be facilitated through a secure platform managed by PayPal. While details on specific cryptocurrencies were not provided, PayPal currently supports Bitcoin, Ether, Bitcoin Cash, Litecoin, and its <\/span>own<\/span> stablecoin, PayPal USD.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>What is Blockchain Technology?<\/span><\/a><\/strong><\/p>\n

Detroit Mayor Commits To Drive Economic Growth<\/span><\/h2>\n

Mayor Mike Duggan said <\/span>that the<\/span> initiative is part of a broader strategy to foster technological innovation and economic growth. \u201cDetroit is building a technology-friendly environment that empowers residents and entrepreneurs,\u201d Duggan said in a statement.<\/span><\/p>\n

\u201cWe are excited to be one of the first major U.S. cities to explore blockchain\u2019s civic applications and allow residents to use cryptocurrency for payments.\u201d<\/span><\/p>\n

In addition to enabling crypto payments, Detroit has invited blockchain entrepreneurs to propose ideas for civic applications of blockchain technology. <\/span><\/p>\n

Interested parties have until Dec. 15 to submit their proposals to Justin Onwenu, the city\u2019s director of entrepreneurship and economic opportunity. <\/span><\/p>\n

Onwenu emphasized the potential of blockchain to enhance transparency, efficiency, and security in municipal operations. \u201cWe\u2019re excited to hear from entrepreneurs at the forefront of this work.\u201d<\/span><\/p>\n

DETROIT UNVIELS CRYPTO\u2019S NEW TAX PLAY <\/p>\n

Detroit just pulled a power move: by 2025 you can settle taxes and city fees with your digital bags. <\/p>\n

The Motor City is now the biggest town in the US to accept crypto as tax payments. <\/p>\n

Mayor Duggan said it’s all about being\u2026 pic.twitter.com\/q1lXBGpYdM<\/a><\/p>\n

\u2014 Mario Nawfal\u2019s Roundtable (@RoundtableSpace) November 8, 2024<\/a><\/p>\n\n

By adopting cryptocurrency payments, Detroit joins a growing list of US cities and states embracing blockchain technology for civic services. Miami Lakes, Florida, and Williston, South Dakota, already accept crypto for various municipal payments. <\/span><\/p>\n

States like Colorado and Louisiana also allow cryptocurrency transactions for select government services, often partnering with platforms like PayPal or BitPay.<\/span><\/p>\n

The announcement coincides with the election of Donald Trump, a president known for his crypto-friendly stance. <\/span><\/p>\n

Industry analysts predict his administration will introduce policies favoring the cryptocurrency sector, including potential regulatory reforms, dismissal of current SEC Chair Gary Gensler, and discussions around a strategic national Bitcoin reserve.<\/span><\/p>\n

Detroit\u2019s foray into crypto payments underscores its ambition to position itself as a hub for blockchain innovation while providing residents with more flexible payment options. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>10 Best Decentralized Exchanges for September 2024\u00a0<\/span><\/a><\/strong><\/p>\n

Crypto Adoption Reaches Record Levels<\/span><\/h2>\n

Cryptocurrency usage has soared to unprecedented levels. Furthermore, it shows no signs of slowing down, according to a\u00a0<\/span>report by venture capital giant Andreessen Horowitz<\/span><\/a>.<\/span><\/p>\n

The report estimates that the number of global cryptocurrency owners has hit a new high of 617 million this year. Moreover, 30 to 60 million active users have\u00a0<\/span>been engaging<\/span>\u00a0with crypto regularly.<\/span><\/p>\n

In another report, digital asset technology platform Aspen Digital revealed that a growing number of Asia-based\u00a0<\/span>private wealth managers are embracing cryptocurrencies<\/span><\/a>, with some predicting that Bitcoin could reach $100,000 by the end of this year.<\/span><\/p>\n

The report said that digital assets are becoming a popular investment option among Asia\u2019s private wealth sector, with 76% of family offices and high-net-worth individuals (HNWIs) currently invested in cryptocurrencies.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Best Crypto Affiliate Programs in 2024<\/span><\/a><\/strong><\/p>\n

The post Detroit To Accept Crypto For Taxes And Fees In Bid To Attract Blockchain Firms<\/a> appeared first on <\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Detroit is set to become one of the first major US cities to allow residents to pay taxes and city fees using cryptocurrency. The move aims to modernize the city\u2019s financial systems and attract blockchain-focused companies to Detroit, according to a 7 November 2024 announcement from the city\u2019s Office of Treasury. The new payment option, […]<\/p>\n","protected":false},"author":0,"featured_media":18897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-18896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/18896"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18896"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/18896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/18897"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}