Monday - Friday 10:00 - 22:00 Bangalore | Mumbai | Dubai (+91) 080 4300 9188
Monday - Friday 10:00 - 22:00 Bangalore | Mumbai | Dubai (+91) 080 4300 9188

US: Seminole County Florida To Accept Crypto For Tax Payment

crypto image

US: SEMINOLE COUNTRY FLORIDA TO ACCEPT CRYPTO FOR TAX PAYMENT

On May 14, Seminole County, Florida, tax collector Joel M. Greenberg announced that the country will begin accepting cryptocurrency for payment for various services this summer in order to eliminate heavy fees and improve payment accuracy and efficiency.
 
The country will begin accepting Bitcoin (BTC) and Bitcoin Cash (BCH) to pay for services, including property taxes, driver license, and ID card fees, as well as tags and titles, said a press release.  Blockchain payments company BitPay is employed by Seminole County Tax Collector, which will allow the county to receive settlement the next business day directly to its bank account in US dollars.
 
Greenberg commented: “We live in a world where technology has made access to services on demand, with same-day delivery and the expectation of highly efficient customer service and we should expect the same from our government. The aim of my tenure in office is to make our customer experience faster, smarter, and more
efficient, and to bring government services from the 18th century into the 21st century and one way is the addition of cryptocurrency to our payment options.”
 
The country has taken this major initiative to remove the risk connected to the usage of credit cards, like identity theft and frauds. BitPay has said that Seminole is the first government agency to used the company’s services.
 
In the state of Arizona, earlier this month, a bill would have allowed the state residents to pay their taxes with the medium of crypto was amended, removing the provisions which allow the state to take payment in crypto.  Instead, the bill merely obliges the Department of Revenue to “study” whether a taxpayer may “pay the
taxpayer’s income tax liability by using a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency.”
 
This month there have been a lot of activities. Similarly, the city of Berkeley, California took the initiative to apply blockchain technology for public financing for community projects. The pilot project also aims to decrease the minimum price of a municipal bond from $5,000 to $10-25, which would allow more people to invest in municipal projects they support. Vice Mayor Ben Barlett added that, should the political process allow it, the city could consider issuing a type of token which would function much like a municipal bond in providing city funding.

Interested in learning more

Contact us to learn more about our digital asset exchange solutions, or click here to learn more about what it takes to operate a successful exchange.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.