In an effort to embrace virtual money, the city of Portsmouth, New Hampshire, will allow residents to pay their bills in Bitcoin (BTC) and other cryptocurrencies. Deaglan McEachern, the city’s mayor, suggested the idea to city officials, who believe it will provide residents with more payment choices.
According to a local news report from Seacoastonline on March 23, Mayor McEachern said that “there are waves of new things that are going to affect us in terms of our future using the type of technology used in cryptocurrency.” He went on to say:
“I want to make sure that Portsmouth is not waiting to see how this will affect us in the future, because it affects us already.”
McEachern said City Hall has learned a lot more about cryptocurrencies and blockchains, as well as how to use them for enhanced city services. He also said that any cryptocurrency payments would immediately be converted into US dollars so that the change would not affect the city’s monetary practices.
Government interest in cryptocurrencies is on the rise, as evidenced by this project. For example, Miami and New York have been kind to cryptocurrency adoption. As reported by Cointelegraph in mid-February, Colorado Governor Jared Polis said the state government will start taxing residents in crypto as early as the summer of 2022.
Related: US Lawmaker Pushes State-Level Regulation for Stablecoins During Hearing on Digital Assets
Lawmakers in the United States have proposed addressing potential regulatory uncertainty surrounding digital assets at the state level rather than waiting for a congressional framework. In February, a member of the Tennessee House of Representatives proposed allowing the state to invest in cryptocurrency and non-replaceable tokens.