Detroit will become the largest city in the United States to accept cryptocurrencies as taxes

(CBS DETROIT) – Starting in 2025, Detroit residents will have the option to pay their taxes and other municipal fees with cryptocurrencies, the city announced Thursday, making Detroit the largest city in the United States to accept cryptocurrencies for his taxes.

City officials said payments would be made through a secure platform and managed by PayPal.

“Detroit is building a technology-friendly environment that empowers residents and entrepreneurs,” Detroit Mayor Mike Duggan said in a statement. “We are excited to be one of the first major U.S. cities to explore the civic applications of blockchains and allow residents to use their cryptocurrency as a payment option.

City Treasurer Nikhil Patel said the payment option would be available in mid-2025, but did not provide an exact date for when the option would launch.

“The Treasurer’s Office is committed to modernizing our payment channels and processes to improve the customer experience and improve internal operational efficiencies,” Patel said. “This new payment platform will increase accessibility for Detroit residents who want to use cryptocurrency; more importantly, the platform upgrade will also make it easier for Detroit residents to make electronic payments, including including those who may not be banked.”

According to the city, other municipalities that accept cryptocurrencies as payment include Williston, North Dakota, which allows residents to pay their utility bills with cryptocurrencies, and Miami Lakes, Florida , where residents can pay for city services such as licenses and permits.

In addition to the new payment option, the city is also inviting blockchain entrepreneurs and innovators to propose ideas for civic applications of blockchain. Officials say they are interested in “projects that harness the potential of blockchain to improve transparency, improve data security and streamline public services.”

As of November 2024, three states accept cryptocurrency for state payment: Colorado, Louisiana, and Utah. In September 2022, Colorado became the first state to allow its residents to pay their taxes using cryptocurrency.

More from CBS News

Joseph Buczek

Joe Buczek is head of digital content and promotion at CBS Detroit. He previously worked for WWTV, the Grand Traverse Insider, the Leader and the Kalkaskian, the Oakland Press and the Morning Sun.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos