Portsmouth residents now have the option to pay their bills with cryptocurrencies. This comes after the mayor takes the ideas to city leaders. The mayor, Deaglan McEachern, stated that he wants Portsmouth residents to embrace the cryptocurrency industry and have more options when it comes to paying bills.
The mayor added that every crypto payment is automatically converted into US currency, meaning the change will not affect the city’s financial practices.
Portsmouth Is Ready To Embrace Crypto
McEachern stated that City Hall has delved deeply into the financial implications of Bitcoin and cryptocurrencies and sees major benefits in its adoption. He also stated that City Hall has learned how to use them for better city services.
“There are waves of new things that will affect us in terms of our future using the type of technology used in cryptocurrency.” the mayor added.
The government has shown more interest in Bitcoin and cryptocurrencies in the past year, although there is still caution in some quarters. The latest development in Portsmouth is another indication that more governments are willing to embrace crypto if certain problems with digital assets can be solved.
New York and Miami, for example, have also expressed interest in cryptocurrency adoption. And in mid-February, Colorado Governor Jared Polis stated that from the summer of 2022, the state government will allow residents to pay their taxes using cryptocurrencies. Other governments are also showing an increased interest in using crypto assets for payments and tax collection.
Government stakes in cryptocurrencies are increasing
The latest news in Portsmouth will be seen as a welcome development, especially among crypto enthusiasts looking for more options to spend their cryptocurrency.
In the same month, a member of the Tennessee House of Representatives made a proposal that will allow the state to invest in cryptocurrencies and non-fungible tokens (NFTs).
Your capital is at risk.