Crypto

Florida’s Seminole County Allows Residents Pay Taxes With Crypto

Residents of Seminole County, Florida will soon be allowed to settle their taxes and other services such as driving license fees, property taxes, and ID card charges with cryptos including the top popular tokens Bitcoin (BTC) and Bitcoin Cash (BCH).  Florida’s tax collector Joel Greenberg announced recently that the county regulator will launch its payment processor BitPay to accept the digital currency payments. The initiative is expected to commence in June 2018.

Why Accept Cryptos

The county intends to use the new service to eliminate the heavy charges imposed on the taxpayers and improve the accuracy and efficiency of its payment systems. The county has collaborated with BitPay company, which uses blockchain technology to enable it promptly receive the payments within a short period of time as possible directly into its bank account.

Greenberg’s office agreed to accept the cryptocurrencies as part of its long-term strategy to streamline fee collections, eliminate chances of potential fraud, and increase transparency of its payment system. Furthermore, the county is not worried about the price volatility or other risks associated with cryptocurrencies.

According to Greenberg, technology evolution in this 21 century should be utilized to enhance the customer experience and the government services are expected to be more efficient, smarter, faster, and the best way is to incorporate innovative products such as cryptos and blockchain technology.

The First Government Agency To Use Cryptocurrencies

Seminole will become the first government agency to allow the public to pay for services using digital currencies. Seminole County expects to remove all the risks associated with the usage of credit cards, which are usually expensive and are prone to fraud and identity theft by encouraging the use of cryptocurrencies.

Other states that have attempted to use cryptos include Arizona, which amended the bill recently to enable residents to pay taxes using cryptos. However, the Department of Revenue is still investigating whether it’s possible for the taxpayer to pay for services using cryptocurrencies such as BTC or others. Earlier in the year, Georgia also proposed a bill to allow its citizens to pay their taxes in BTC and other tokens, though the bill is still in the process of refining.