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Cryptocurrencies are becoming mainstream with each passing day. In a recent announcement, the city of Portsmouth declared that it would accept crypto payments for bills.
Portsmouth Will Now Accept Payments In Cryptocurrencies
Crypto enthusiasts pretty much existed when the city of Portsmouth announced that it had started accepting payments in crypto. Deaglan McEachern, City Mayor, explained that the government aims to “create more ways to pay bills by accepting crypto payments.”
However, citizens will need to use the crypto feature of PayPal as they cannot make direct cryptocurrency transfers to the city for their bills. Some are raising issues over the use of Paypal and the feasibility of the model. But City Manager Karen Conard dismissed all the concerns, stating that PayPal would convert the payment in USD first.
Conard explains that the city customers who have digital assets in their PayPal account will now be able to pay using their cryptocurrency if they choose PayPal as their payment method. PayPal embraced cryptocurrencies in 2020 and quickly became a popular way to buy their first cryptocurrencies among Americans. Cryptocurrency transactions played a huge part in the growth of the company when its revenue rose by 13% in Q4 of 2021.
The city Mayor does not shy away from showing his admiration for cryptocurrencies as he has asked to get paid in crypto in order to understand the technology and its working properly. He also believes that emerging technology has immense potential and can change the outlook of the current financial industry.
Countries Becoming Pro-Crypto
Cryptocurrencies had a great year in 2021, with crypto experts forecasting a higher adoption rate for the assets. Several meetings were held between the congressmen and CEOs; meanwhile, the regulators sought to control the decentralized space.
Many states in the U.S have expressed their desire to adopt cryptocurrency payments. Jared Polis, the governor of Colorado, even said that collecting taxes in cryptocurrency is logically the next step leading to a fully digital state.
The governor of Florida also revealed the plans of the state to accept payments in Bitcoin for taxes in the coming future. As the competition heats up between various jurisdictions, other states too are exploring ways to become pro-crypto.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
