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Detroit to Accept Cryptocurrency for Tax Payments, but Risks Remain

Detroit to Accept Cryptocurrency for Tax Payments, but Risks Remain

CointimeCointime2024/11/11 13:11
By:Cointime

Detroit plans to accept cryptocurrency as a form of tax payment through a new PayPal-managed platform in 2025, making it the largest US municipality to do so. The move aims to modernize municipal services and improve financial inclusivity for unbanked residents, but it also raises concerns about environmental impact and dependence on third-party platforms with high transaction fees. The use of third-party platforms for crypto payments in public finance can create vulnerabilities and instability in municipal bonds, potentially impacting the financial standing of the city and bondholders. While Detroit's initiative could serve as a testing ground for similar moves on a national scale, it also raises questions about the appropriateness of using a speculative and unstable solution for economically disadvantaged residents.

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