Detroit is poised to embrace the future of finance by accepting cryptocurrency payments for taxes and other city fees. The city’s Office of Treasury will introduce this innovative payment option in mid-2025, facilitated by a secure platform managed by PayPal.
While the exact cryptocurrencies supported haven’t been explicitly stated, PayPal’s current offerings suggest that popular coins like Bitcoin, Ether, Bitcoin Cash, Litecoin, and PayPal’s own stablecoin, PayPal USD, are likely to be included. This move aligns with Detroit’s broader strategy to modernize its payment systems and foster a welcoming environment for blockchain technology and its related businesses.
Mayor Mike Duggan expressed enthusiasm for Detroit’s blockchain initiatives, emphasizing the city’s commitment to creating a tech-friendly landscape for both residents and businesses.
In line with this vision, Detroit is inviting blockchain entrepreneurs to submit innovative proposals for civic projects that leverage blockchain technology.
Interested entrepreneurs have until December 15th to share their concepts with Justin Onwenu, the city’s director of entrepreneurship and economic opportunity.
Detroit joins a growing number of U.S. cities that have adopted cryptocurrency for civic services, including Miami Lakes in Florida and Williston in South Dakota. Additionally, states like Colorado and Louisiana have also embraced crypto payments through third-party vendors such as PayPal and BitPay.
This significant step by Detroit comes as a pro-crypto figure has recently assumed the presidency, sparking anticipation for further crypto-friendly policies, including potential regulatory reforms and even the establishment of a national Bitcoin reserve.