Cryptocurrency has seen widespread acceptance from citizens and a handful governments in its adoption and utilization of the technology. A government official out of the city of Florida has announced that his office would start accepting cryptocurrencies as a means of payment for their taxes.
The agency will begin working with Bitpay to facilitate payments and the cryptocurrency that would be accepted would be Bitcoin (BTC), and Bitcoin Cash (BCH).
As we all know that the traditional payment process of my payment using your debit or credit card attracts a high maintenance fee which consumers are obliged to pay. However, According to Joel Greenberg, Seminole County Tax Collector, will start using blockchain technology so as to reduce costs and improve its efficiency. He further explained:
“We live in a world where technology has made access to services on demand, with same-day delivery and 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.”
Bitpay is the payment platform that would use to process tax payments. Bitpay is one of the largest global blockchain payment provider and currently have a very larger customer base. Some of the services that would accept cryptocurrency as payment would be drivers licences, property tax, birth certificate, concealed weapons, tag renewals etc.
Moreover, users will have improved security due to the fact that they will not have to provide their identity by using credit cards to pay for the taxes. With BitPay the process is simple, fast and could be used as an example for other counties in the country.
The relevant government agency would receive the exact amount in cryptocurrency for the payment which would be processed by Bitpay which would then be processed into the appropriate bank account in US dollars. This would now make it possible for users to pay in their favourite virtual currency avoiding the high risk of volatility.
What do you think about the level of adoption? Whats your opinion about the adoption of the blockchain to the tax system? Share your opinion with us in the comments section below.
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