Detroit has announced plans to accept Bitcoin, Ethereum and other cryptocurrencies in city fees and taxes starting in 2025.

With this decision, Detroit will become one of the largest US cities to accept crypto as a means of payment. City, has announced that crypto payments can be made via the PayPal platform The move is said to be a marketing strategy aimed at positioning Detroit as a technology and innovation center.

Taxes can be paid with crypto in Detroit

Large fluctuations in the value of cryptocurrencies make it difficult to use them as a means of payment. For example, Bitcoin has risen 80% in value since the beginning of this year. So many people choose to hold on to their assets rather than spend them, but Detroit will use crypto as a ‘hodl’ strategy by instantly converting payments into dollars.

Detroit’s decision too as an incentive for technology and blockchain entrepreneurs in the city. is offered. Blockchain technology and stablecoins are becoming more popular every day in the crypto world. In particular, stablecoins such as PYUSD and USDC are more preferred for online transactions due to their fixed values.

Cryptocurrency experts believe that in the future there will be a world where everyone will use digital money. According to this belief, the need for the traditional banking system will decrease, transfers can be made instantly, banking fees will disappear, and transaction delays will no longer be a problem. Who knows, this move by Detroit may be a harbinger of this future.

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