Portsmouth, New Hampshire Residents Can Now Pay City’s Bills Using Bitcoin (BTC).
Following the widespread adoption of Bitcoin (BTC) and other cryptocurrencies in recent times, authorities in Portsmouth, a city in New Hampshire, said residents can now pay bills using the nascent asset class.
Portsmouth residents can now pay their property taxes and utility bills using cryptocurrencies through the initiative.
The initiative, a significant milestone for the city, will require residents to hold the crypto assets they intend to use to pay for bills in their PayPal accounts.
“By creating more ways to pay bills, we’re enabling greater participation,” the city’s mayor, Deaglan McEachern, said in a recent report.
The mayor convinced key stakeholders of Portsmouth that there is a need for the city to embrace the nascent technology to enable residents to pay their bills using cryptocurrencies like bitcoin, Ethereum, etc.
According to McEachern, Portsmouth will not wait around to see how cryptocurrencies affect its future, as the city has decided to take an early seat in the nascent technology.
“I think City Hall has learned more about cryptocurrency and blockchain and how to use those for better city services, is basically what I want us to do,” McEachern added.
While cryptocurrencies are known to experience major price swings that sometimes result in more than 50% loss of value, Portsmouth said it would immediately convert all crypto bill payments to United States Dollars.
Governments’ Favorable Approach to Cryptos
The development marks a growing interest in the adoption of cryptocurrencies by the government.
Cities like New York and Miami have taken a friendly position toward adopting cryptocurrencies.
Last year, El Salvador shocked the world by accepting Bitcoin as a legal tender.
Meanwhile, New Hampshire governor Chris Sununu created a commission that will evaluate state and federal laws concerning cryptocurrencies earlier this year.
The commission is expected to come up with vital recommendations that will determine how cryptocurrencies can be regulated to protect investors and foster innovation in the industry.