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Detroit’s got something different in store for 2025: it’s letting residents pay taxes and fees in cryptocurrency. This makes Detroit the largest U.S. city aiming to add crypto to its accepted payment methods. This is a bold move for a city eager to embrace tech innovation. The Detroit crypto payment plan is set to work through PayPal. This means Detroit won’t have to hold crypto directly. Sounds interesting? There’s more to it, so let’s dive in. Not Your Usual Crypto Payment So, here’s how it’s going to work: PayPal will accept Bitcoin, Ethereum, and a few other big-name cryptos from residents, but they’ll swap it to U.S. dollars before it lands in Detroit’s hands. That means the city gets a steady flow of dollars, avoiding any roller-coaster dips that crypto prices might take. For residents, this makes things easy and keeps transactions stable. Just a few big cryptocurrencies will be available, like Bitcoin and Ethereum. This will ensure that the Detroit crypto payment plan runs smoothly. Detroit Wants to Lead in Tech The big idea behind this? Detroit wants to show it’s open to tech, aiming to attract entrepreneurs, especially in the blockchain world. Mayor Mike Duggan hopes to make the city more than just another spot on the map—he wants Detroit to be seen as a hub for digital innovation. City Treasurer Nikhil Patel added that offering crypto payments could make things easier for people who don’t have access to regular banks. Plus, the city’s also looking at adding other digital payment options, like Venmo. Also Read :   Dean Skurka, CEO of Crypto Company WonderFi, Kidnapped in Toronto   , What to Expect Will this new crypto option catch on? The idea is ambitious, and other cities might just take notes from Detroit crypto payment plan if it…

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Filed under: News - @ November 8, 2024 5:21 am