Thanks to Detroit News for this:
Detroit is poised to become the largest city in the USA to accept cryptocurrency payments for taxes and other fees, the city announced Thursday.
Residents will have the option beginning in mid-2025 to make the payments with the digital currency through a secure platform managed by PayPal. City leaders hope the move will help attract and retain tech startups in the Motor City.
“Detroit is building a technology-friendly environment that empowers residents and entrepreneurs,” said Mayor Mike Duggan. “We are excited to be one of the first major U.S. cities to explore blockchains civic applications and allow residents to use their cryptocurrency as a payment option.”
Cryptocurrency is a digital currency that uses cryptography and a decentralized network to enable secure transactions without a central authority like a bank or government. Instead, cryptocurrencies use a public ledger called a blockchain to record and verify transactions across a network of computers, the city said in a press release announcing the program.
The payment option will add to other upgrades to city payment services, said Treasurer Nikhil Patel.
“The Treasurer’s Office is committed to modernizing our payments channels and processes to enhance the customer experience and improve internal operational efficiency,” Patel said. “This new payment platform will increase accessibility for Detroiters who would like to use cryptocurrency; more importantly, the platform upgrade will also make it easier for Detroiters to make electronic payments — including those who may be unbanked.”
City leaders said the program will make Detroit the largest U.S. city to accept cryptocurrency as a form of payment for city fees and taxes. As of this month, only three U.S. states (Colorado, Utah and Louisiana) accept cryptocurrency for state payments.
Pitch your idea
In addition to the cryptocurrency payment announcement, the city is inviting blockchain entrepreneurs and innovators to pitch their ideas for block chain civic applications to Justin Onwenu, the city’s first director of entrepreneurship and economic opportunity.
Through this open call for applications, the city said it is particularly interested in projects that leverage blockchain’s potential for enhancing transparency, improving data security and streamlining public services.
Blockchain entrepreneurs and innovators are invited to send proposals to [email protected] by December 15th, 2024. Proposals should include descriptions of the proposed solutions, potential stakeholders, costs, risks and should also outline how their ideas will improve city services and benefit city residents.
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