Bitcoin Adoption on Rise as Florida Accepts BTC & BCH for Tax Payments

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Bitcoin Adoption on Rise as Florida Accepts BTC & BCH for Tax Payments

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Florida’s Seminole County’s tax collector office has now become the first US government agency to accept Bitcoin payment for various services in collaboration with the payment provider, BitPay.

First U.S. government agency to accept cryptocurrency

It has been officially announced by the tax collector of the Seminole County, Florida, Joel M. Greenberg that the office will start accepting the cryptocurrencies as payment for various services this summer.

According to the press release, Bitcoin (BTC) and Bitcoin Cash (BCH) both will be accepted as payment for services that include property taxes, ID card fees, driver license, title, and tags. The move has been made in order to improve the payment efficiency and accuracy along with eliminating the heavy fees.

Greenberg was elected as the tax collector in November 2016 and since taking the office in January 2017, he has been initiating the introduction of new technologies like artificial intelligence and blockchain.

By accepting cryptocurrencies, the county aims to eliminate the risk of fraud and identity theft associated with credit card usage.

Also, read: Zimbabwe’s Central Bank Bans Crypto Trading, 60 Days for Compliance 

In collaboration with BitPay

The Seminole County Tax Collector is going to use the “largest global blockchain payments provider” BitPay that will allow the office to receive the settlement in its account the next business day in US dollars. The company also enables businesses to send and receive cross-border payments along with a platform to manage digital assets through its wallet.

The document that goes with the subtitle of “First U.S. Government Agency to Accept Cryptocurrency”

quotes BitPay as saying:

“With the Seminole County Tax Collector’s office, we have engaged our first government agency to accept bitcoin and bitcoin cash by making it easy and seamless for them.”

Earlier this month, the Berkeley city in California started an initiative to use blockchain technology to public finance the community projects. In order to allow more people to invest in the municipal projects, the minimum price of the municipal bond will be decreased drastically i.e. from $5,000 to about $10-25. Ben Bartlett, the vice mayor also talked about the possibility of issuing a token that would work like the municipal bond for city funding, if the political process allows for it.

This month itself, the US state of Arizona walked back on the provision that would have allowed the state residents to pay taxes by using cryptos. Now, the bill only allows the Department of Revenue to study the use of cryptocurrency to pay the income tax.

What do you think of Seminole county allowing tax payment in cryptocurrencies? Which state do you think will be the next to accept bitcoin payment? Share your thoughts with us!

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Bitcoin Adoption on Rise as Florida Accepts BTC & BCH for Tax Payments
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Bitcoin Adoption on Rise as Florida Accepts BTC & BCH for Tax Payments
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Florida’s Seminole County’s tax collector office has now become the first US government agency to accept cryptocurrency such as Bitcoin for various services in collaboration with the payment provider, BitPay.
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Casper Brown 155 Articles

I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.

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