- The biggest city in the US to take cryptocurrency payments would be Detroit.
- Colorado, Utah, and Louisiana are the three U.S. states that accept cryptocurrency as state payments.
According to a Thursday announcement by city officials, Detroit will become the biggest city in the US to accept bitcoin payments. Through a secure network run by PayPal, residents can use cryptocurrency to pay taxes and other civic obligations.
Detroit is creating a tech-friendly atmosphere that empowers citizens and business owners. We are thrilled to be among the first significant American towns to investigate the civic uses of blockchain technology and permit citizens to pay with their cryptocurrencies.
According to Treasurer Nikhil Patel, the option will be made available in the middle of 2025 along with other enhancements to the city’s payment systems. It is a component of the city of Detroit’s broader plan to investigate cutting-edge technologies that have the potential to improve public services, increase civic involvement, and stimulate economic growth.
More significantly, the platform improvement will make it simpler for Detroiters, especially those who might not have access to banking, to make electronic payments. This new payment platform will make cryptocurrencies more accessible to people who would wish to utilize it.
According to the 2020 U.S. census, Detroit is the 26th most populous city in the nation, home to about 630,000 people. During the 1950s, Detroit had around 2 million residents, making it the fourth most populated city.
Colorado, Utah, and Louisiana are the three U.S. states that allow cryptocurrencies as payment methods. Particularly interested in cryptocurrency are the cities of Miami and New York City, the latter of which has developed its own cryptocurrency, MiamiCoin. But neither of them takes cryptocurrency as payment.
The statement states that two American localities, Miami Lakes, Florida, and Williston, North Dakota, presently take cryptocurrency payments.
Additionally, Detroit’s director of entrepreneurship and economic development is encouraging blockchain entrepreneurs to present their concepts for blockchain civic applications. According to the announcement, the city is considering projects that take advantage of blockchain’s potential to improve data security, increase transparency, and streamline public services.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
