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Detroit to Accept Cryptocurrency for Taxes and Fees by 2025

Detroit will accept crypto payments for taxes via a PayPal-managed platform, likely supporting Bitcoin, Ether, Litecoin, and PayPal USD.

Written By Ronak Kumar
Fact Checked by Dhara Chavda
Published November 8, 2024 10:55 AM·Updated 2 years ago
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Detroit to Accept Cryptocurrency for Taxes and Fees by 2025

Detroit residents will soon be able to pay taxes and other city fees with cryptocurrency, the city announced on Nov. 7. Starting mid-2025, the Detroit Office of Treasury will offer crypto payment options through a secure platform managed by PayPal. 

While specific cryptocurrencies weren’t listed, PayPal currently supports major coins like Bitcoin, Ether, Bitcoin Cash, Litecoin, and its own PayPal USD stablecoin.

Detroit’s decision to accept crypto aligns with the city’s efforts to modernize its payment systems and make itself more attractive to blockchain companies. “Detroit is building a tech-friendly environment for residents and businesses,” said Mayor Mike Duggan, expressing excitement about the city’s blockchain initiatives.

The city is also inviting blockchain entrepreneurs to propose ideas for civic projects using blockchain. Entrepreneurs have until Dec. 15 to submit their concepts via email to Justin Onwenu, Detroit’s director of entrepreneurship and economic opportunity.

This move makes Detroit one of several U.S. cities, like Miami Lakes in Florida and Williston in South Dakota, that accept crypto for civic services. States like Colorado and Louisiana also accept crypto payments with third-party vendors such as PayPal and BitPay.

Detroit’s crypto-friendly initiative comes soon after Donald Trump, a pro-crypto figure, was elected President, sparking expectations for more crypto-friendly policies, including potential regulatory reforms and a national Bitcoin reserve.

Also Read: Denmark Proposes Tax on Unrealized Crypto Gains by 2026

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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