In a recent news, Florida has confirmed to accept the taxes in the form of popular cryptocurrencies Bitcoin and Bitcoin Cash.
As per statements published in an official government agency, Joel M Greenberg, the Seminole Country tax Office will leverage blockchain technology and provide an optimal and modern way of payment services.
He further elaborated that,
“The purpose of my position in the office is to make the experience of our clients faster, smarter and more efficient, and bring government services from the eighteenth century to the twenty-first century, and one way to do this is to add cryptocurrencies to our payment options.”
The tax office in collaboration with popular cryptocurrency payment processor BitPay will enable citizens of Florida to pay taxes in the form of Bitcoin and Bitcoin Cash. The payments are expected to be associated with driver’s licenses, identification cards, titles, and property taxes.
The very aim of this feature is to provide hassle-free, secure and faster transmission of payments for the users. In addition to this, there are no risks of price volatility, since the users only have to send the exact amount of money in bitcoin to pay the invoice. A transaction that in turn only costs a rate of 1%, considerably less than those required by banking entities.
Florida is the first government agency to partner with BitPay and as per statements of Jeremie Beaudry, head of compliance at BitPay,
“BitPay was started because we recognized the potential of blockchain to revolutionize the financial industry, making payments faster, safer and less expensive on a global scale. With the Seminole County tax collector’s office, we have contacted our first government agency to accept bitcoin and bitcoin cash, making it easy and hassle-free for them.”
Although Seminole tax Office has provided an opportunity for tax payment through cryptocurrency, there are local government bodies such as US Immigration service who are in the race to provide the same feature.
So readers, what do you think of Blockchain adoption and growing number of countries with cryptocurrency used as a payment method? Let us know your thoughts in below comment section