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US ghost town Detroit will accept cryptocurrency to pay taxes

US ghost town Detroit will accept cryptocurrency to pay taxes
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Starting in 2025, residents of Detroit will be able to pay taxes and other city fees using cryptocurrency through a secure PayPal platform. Consequently, the ghost town will become the largest metropolis in the U.S. to accept cryptocurrency payments.

This new payment method is part of the city's strategy to advance technology aimed at strengthening the economy, attracting blockchain startups, and enhancing public services. Users will be able to conduct transactions using cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and PayPal's own stablecoin, PayPal USD (PYUSD).

According to Detroit Mayor Mike Duggan, this initiative seeks to create a "technology-friendly environment for residents and entrepreneurs" and marks a step toward exploring the use of blockchain technology for the city's benefit.

"We are pleased to be one of the first major cities in the U.S. to allow residents to use cryptocurrency as a payment medium and actively explore blockchain applications for municipal needs," said Mayor Duggan.

Cryptocurrency payments will be available in mid-2025, alongside a series of other updates to the city's payment services, as reported by the city treasurer, Nihil Patel. He noted that the new platform will simplify access to electronic payments for all residents, including those without bank accounts.

Additionally, the city invites blockchain startups and innovators to present their ideas for applying blockchain technology for municipal purposes.

As of November 2024, only three U.S. states (Colorado, Utah, Louisiana) accept cryptocurrency for government payments.

The decline of Detroit began in the mid-20th century when automotive giants Ford, General Motors, Chrysler, and others started losing competitiveness due to high production costs, outdated technologies, and foreign competition. This led to mass unemployment, rising crime rates, and a decreasing population—from 1.8 million in the 1950s to less than 700,000 in the early 2010s. In 2013, Detroit filed for bankruptcy, marking the largest municipal bankruptcy in U.S. history.

Source: detroitmi.gov

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