November 14, 2024
Detroit to accept cryptocurrency for taxes, fees through PayPal
 #CriptoNews

Detroit to accept cryptocurrency for taxes, fees through PayPal #CriptoNews

Cash News

Welcome to Detroit Crypto City.

Detroit announced Thursday that it will start accepting cryptocurrency through an intermediary as a payment option for taxes and city fees in mid-2025, making it the largest U.S. city to do so.

A bitcoin ATM at Ace Check Cashing in Detroit.

To be sure, the city itself will not be amassing bitcoin or other cryptocurrencies.

The payments would be handled by PayPal, which would accept the cryptocurrency, then convert it to regular U.S. dollars for the city. That approach would shield Detroit from the risk of wild fluctuations in the value of such digital currencies, city Treasurer Nikhil Patel said in a phone interview.

“So the market volatility risk will not be (borne), whatsoever, by the city. We will settle the payment in dollars,” Patel said. “So let’s say you get on the platform, you make a crypto payment. The city never touches the crypto; we just get the dollars.”

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