- Detroit will become the largest U.S. city to accept cryptocurrency for tax payments and fees.
- The initiative aims to increase accessibility for residents, including those who are unbanked.
- City officials invite blockchain entrepreneurs to propose projects that enhance public services.
Detroit will become the largest city in the United States to accept cryptocurrency for tax payments and fees. City officials announced this decision on Thursday. Residents can use crypto to pay various fees through a secure platform managed by PayPal. The new payment option will start in mid-2025, along with improvements to the city’s payment services.
Mayor Mike Duggan expressed excitement about this initiative. He further explained that Detroit is preparing the region to be friendly to new technologies. The city plans to explore blockchain-based solutions and provide its inhabitants with an opportunity to make payments in cryptocurrency.
Treasurer Nikhil Patel emphasized the importance of this new form of payment method. He added that it supports residents who are eager to embrace cryptocurrency use. The upgrade will also be advantageous to the users who are unbanked. This is in consonance with the strategic plan Detroit has embraced in its search for new technologies to improve public services.
Currently, only a few U.S. states, such as Colorado, Utah, and Louisiana, accept cryptocurrency for state payments. However, Detroit will be the largest city to make this move. Other cities like Miami and New York City have shown interest in crypto but have not accepted it for payments yet.
Crypto Market Reacts to U.S. Election with Major GainsDetroit’s decision follows the actions of two other U.S. cities. Williston, North Dakota, and Miami Lakes, Florida, accept crypto-based payments. As interest in digital currencies grows, Detroit aims to be at the forefront of this trend.
Additionally, Detroit is inviting blockchain entrepreneurs to pitch their ideas. The city encourages proposals for blockchain civic applications. This invitation highlights Detroit’s interest in projects that enhance transparency and improve data security.
The initiative aligns with a broader trend in urban areas. Cities are increasingly exploring how blockchain can streamline public services. By adopting cryptocurrency payments, Detroit hopes to foster economic growth and strengthen civic engagement.
The estimated city population of Detroit is approximately 630,000, which ranks it at 26th on the urban population list in the United States. Half a century earlier, the city was host to close to 2 million people. Many consider that the acquisition made by Detroit might be followed by others in the future as the environment of cryptocurrencies emerges.
