Residents in Portsmouth, US, can now use cryptocurrencies to pay their bills. Deaglan McEachern, the mayor of Portsmouth, claimed that he wants locals to embrace the cryptocurrency business and have additional alternatives for paying bills. The mayor also stated that any cryptocurrency payment will be instantly translated into US cash, implying that the shift will have no impact on the city’s financial processes.
McEachern added that City Hall has been closely involved in the financial ramifications of Bitcoin and cryptocurrencies and sees significant benefits in their adoption. He also added that City Hall has figured out how to use them to improve city services. The mayor stated that there are waves of new things that will affect our future that leverage the sort of technology used in bitcoin.
Over the last year, the government has demonstrated growing interest in Bitcoin and cryptocurrencies, but there is still considerable scepticism in some areas. The current development in Portsmouth shows that more governments are willing to accept crypto if certain difficulties around digital assets can be overcome.
New York and Miami, for example, have expressed interest in bitcoin adoption. In mid-February, Colorado Governor Jared Polis announced that people would be able to pay their taxes using cryptocurrency beginning in the summer of 2022. Other governments are also becoming more interested in using crypto assets for payment and tax collection.