Paying Your Taxes With Meme Coins? Detroit Might Be First Crypto Hub in Trump’s America
Detroit crypto plans could make Michigan’s largest city the first blockchain hub in Trump’s America, and STARS might benefit.
Detroit residents will soon be able to pay their taxes and other fees with digital assets via PayPal. Detroit’s Office of the Treasury made the announcement yesterday (November 7).
According to the press release, the crypto payment option is being offered through a secure payment platform managed by PayPal and is expected to go live in mid-2025.
Detroit will become the largest US city to accept cryptocurrency payments for taxes and other city fees. The city will use a secure platform managed by PayPal.
Detroit is also inviting blockchain entrepreneurs to pitch ideas for civic applications to [email protected]
— Malachi Barrett (@PolarBarrett) November 7, 2024
Detroit Joins Cities In Florida And South Dakota With Its Crypto Payment Services
Although no information has been given on which cryptocurrencies Detroit will accept, it will likely include the small handful of digital assets that PayPal currently supports. The supported tokens include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and PayPal’s own stablecoin, PayPal USD (PYUSD).
Once the rollout of crypto payments in Detroit officially starts, it will become the largest US city offering this service. As of right now, only two other cities—Miami Lakes, Florida, and Williston, South Dakota — already accept crypto payments for select city fees.
Three states allow residents to pay state taxes with cryptocurrency: Colorado, Utah, and Louisiana. Each city and state utilizes a third-party payment processor such as PayPal or BitPay to convert crypto payments into US dollars.
RELATED: Trump Win Might Unlock a $100K Bitcoin Price by End of 2024
City Of Detroit Calling On Crypto Enthusiasts To Pitch Ideas To Drive Blockchain Innovation
Regarding Detroit’s announcement, it is part of a wider push to embrace blockchain technologies to drive economic growth while encouraging Web3 and technology companies to move to Detroit.
In a press statement, Detroit Mayor Mike Duggan said, “Detroit is building a technology-friendly environment that empowers residents and entrepreneurs.” He added, “We are excited to be one of the first major U.S. cities to explore blockchain civic applications and allow residents to use their cryptocurrency as a payment option.”
The city’s Director of Entrepreneurship and Economic Opportunity, Justin Onwenu, has also invited crypto entrepreneurs to pitch their ideas for blockchain civic applications.
In the same press release, Onwenu said, “This announcement represents our openness to new ideas and dedication to positioning Detroit as a place for entrepreneurs and bold ideas to thrive. Blockchain technologies have the potential to drive greater accessibility, efficiency, transparency, and security, and we’re excited to hear from entrepreneurs at the forefront of this work.”
ROSS IS COMING HOME IN JANUARY!!
We are so so grateful to @realDonaldTrump for his pledge to #FreeRoss and to all those who have supported us.
Here's to this 12th Thanksgiving in prison being the last one!
– The Ulbricht family
— Free_Ross (@Free_Ross) November 7, 2024
Detroit Crypto Plan Leads The Way For Trump Crypto Policy in America
This move could be a glimpse into the future of cryptocurrency in the US following Donald Trump’s emphatic election win on November 6. A large part of Trump’s election campaign was centered around Bitcoin and the acceptance of cryptocurrency in the States.
He spoke at the Bitcoin Conference 2024 in Nashville, promising to pardon Silk Road’s foundress, Ross Ulbricht. The incoming President, No.47, also pledged to oust SEC chairman Gary Gensler on day one.
DON’T MISS: These Meme Coins Might 100X In The Next 6 Months
BONUS: Crypto All-Stars ($STARS) – Could This Be The Meme Coin Play To Revive The Super Cycle Dream?
Crypto All-Stars aims to revolutionize the meme coin space by developing a first-of-its-kind meme coin staking platform. Dubbed the ‘MemeVault’, this platform is designed to allow holders of various meme coins to earn rewards via its native STARS token. Built upon the ERC-1155 multi-token standard, the MemeVault promises multi-token, multi-chain staking capabilities.
This is a significant innovation in the meme coin space and the whole blockchain industry. At launch, Crypto All-Stars will support over 10 popular meme coins, including DOGE, SHIB, and PEPE. There are plans to add many more as the user base expands, and with the multi-chain design, developing the MemeVault will be a piece of cake.
POV: You're filling up the Meme Vault with your STARS and looking good doing it! 👾✨😍 pic.twitter.com/DosPcYlD1B
— Crypto All-Stars (@all_stars_coin) November 7, 2024
The team behind STARS has included a separate staking protocol just for the presale phase. Over 495% APY is on offer for those who choose to stake their presale bag. STARS recently hit $3 million in presale funding and is well on its way to $5 million.
There are less than 24 hours before the next price stage increase. Don’t miss out on STARS at these low prices.
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