The City of Detroit has approved a plan that will allow residents to pay their municipal taxes using cryptocurrencies.
Starting in 2025, people in Detroit, Michigan will be able to pay their taxes and other city fees with cryptocurrencies through their PayPal (PYPL) accounts.
Detroit’s Office of the Treasury says that the crypto payment option will be offered through a secure payment platform managed by PayPal.
Cryptocurrencies that can be used to pay taxes include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and PayPal’s stablecoin called “PayPal USD.”
Once Detroit officially begins accepting crypto payments, it will be the largest U.S. city to do so.
Two other cities, Miami Lakes, Florida and Williston, South Dakota, also accept cryptocurrency payments for taxes and some city fees.
Detroit’s decision to accept crypto comes as part of a larger push to embrace new technologies to foster economic growth and encourage technology companies to move to Michigan.
"We are excited to be one of the first major U.S. cities to explore blockchains civic applications and allow residents to use their cryptocurrency as a payment option," said Detroit Mayor Mike Duggan in a news release.
Bitcoin is currently trading at $76,200 U.S., an all-time high.
