Detroit to begin accepting cryptocurrency as payment for taxes
(FOX 2) - Residents will soon be able to pay their taxes in Detroit using cryptocurrency.
Starting in mid-2025, those that live in the city can pay expenses owed to Detroit with currencies like bitcoin as part of the government's push to become more compatible with blockchain technology.
The announcement comes with an invitation for entrepreneurs to pitch their ideas to the city in a bid to improve data security that protects sensitive information.
While other municipalities like Miami and New York City have expressed support for cryptocurrency, Detroit is the largest to begin allowing it as a form of payment.
Currently, Colorado, Utah, and Louisiana accept cryptocurrency for state payments.
"Detroit is building a technology-friendly environment that empowers residents and entrepreneurs, said Detroit 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."
The city treasurer echoed the mayor's claims while adding it was paramount that Detroit modernize its technology.
"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 unbaked," said Nikhil Patel.
Any innovators interested in partnering with the city can email their ideas to pitchdetroit@detroitmi.gov by Dec. 14, 2024.
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