USD Coin (USDC) Can Now Be Used to Pay Taxes in Bermuda
Residents of Bermuda are now able to pay their taxes in USD Coin (USDC), a crypto stablecoin which is pegged to the USD value.
The government of Bermuda now allows its citizens to use crypto to pay “for taxes, fees, and other government services.”
The USDC stablecoin was launched back in 2018 by top cryptocurrency exchange Coinbase in partnership with Circle. The companies have issued $1 billion worth of USDC up until now. And now it appears that Bermuda will be allowing its 60,000 residents to use USDC as a tax payment.
According to the press release, in addition to USDC, other “decentralized finance protocols and services” are currently in development as part of the government’s extensive initiative to adopt and integrate cryptocurrencies into their official operations.