Portsmouth Becomes Latest City To Adopt Cryptocurrency Payments But There’s A Catch
Cryptocurrencies are gaining popularity as more cities join the bandwagon-Portsmouth. With the significant announcement of enabling crypto payments for bills, the city of Portsmouth has grabbed the bull by the horns.
Portsmouth declares: “We Accept Cryptocurrencies”
The announcement that the city of Portsmouth had began taking cryptocurrency as payment caused a slight stir in crypto circles. The idea behind the creation, according to City Mayor Deaglan McEachern, was to promote wider involvement “by introducing more means to pay bills.”
Citizens will have to use PayPal’s crypto feature instead of making direct bitcoin transfers to the city for their bills at the moment. The usage of PayPal has sparked disagreement in some places about the model’s long-term viability, but Karen Conard, City Manager, has allayed such fears. She stated that PayPal would convert bitcoin payments to USD before sending them to payment processors.
“City customers who have cryptocurrencies in their PayPal account can now pay the city with that cryptocurrency when they choose PayPal as their payment method,” added Conard.
PayPal began accepting cryptocurrencies in 2020, and it has since been a popular way for Americans to purchase their first cryptocurrency. PayPal’s revenue increased by 13% in the fourth quarter of 2021, with bitcoin transactions contributing to the company’s development.
Portsmouth’s mayor has made no secret of his interest in cryptocurrencies, requesting that his bonus be paid in cryptocurrencies so that he may obtain a better grasp of how the technology works. He believes that cryptocurrencies have a lot of potential to transform the financial industry as we know it.
“I want to make sure Portsmouth is not waiting around to see how this is going to affect us in the future because it’s already affecting us,” said McEachern.
The Rising Wave Of Cryptocurrency Adoption
2021 was a stellar year for cryptocurrencies and at the start of the year, pundits predicted higher adoption rates for the asset class. The signs were crystal clear as Congress met with crypto CEOs to hear from the horse’s mouth while the regulators scrambled to rein in the ecosystem.
In the US, some states had stated their desires to fully embrace cryptocurrency payments. Colorado’s governor, Jared Polis said that accepting cryptocurrency payment for taxes is the “next logical step on the path to digital statehood”.
Florida’s Governor has also stated that the state has plans to accept Bitcoin as payment for taxes in the near future. Other states have taken similar steps in their quest to be pro-crypto as the race heats up between the jurisdictions.
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