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.
Image source: pixabay
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
Latest Episode on Inside Blockchain
Crypto News Update
Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa
The advent of Bitcoin has paved the way for seamless cross-border payments. The demand for third-party intervention in financial transactions...
Explore, Build Assets, Fight and Earn in the Supernova Space
A new economy was opened in 2017 when blockchain was integrated into gaming to produce the first Web3 game: CryptoKitties....
Owl.Games: The Rise of Crypto Games in the Casino Industry
Crypto gaming used to be new a few years ago but it’s going mainstream now. However, there are some sectors...
BCAT Africa: Reducing Unemployment in Africa
One of the greatest lines spoken in the Spiderverse is “with great power comes great responsibility”, although it can be...
Gamified NFT Platform Trove Announces Launch Partners SideQuest
Trove has announced its new Launch Partnership with SideQuest, a gamified risk-to-earn NFT collection. It was announced on Twitter today. ...
- Move To Earn: Keep Fit, Sport, Connect and Earn on the Calo Metaverse
- Top 5 Move-to-earn Applications on Google Playstore
- Top Move-to-Earn Projects Below $100 Million Market Cap
- MetaRuffy: An Intersection of Blockchain, Web3, VR, and AR
- Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa