Florida county to accept bitcoin, Bitcoin Cash payments
It will be the first US government body to actually start accepting cryptocurrency payments.
Florida’s Seminole County has reached a seminal milestone by becoming the first government body in the USA to actually start accepting cryptocurrency payments. Similar efforts have been proposed in Arizona and Georgia but stalled out before being passed.
“The aim of my tenure in office is to make our customer experience faster, smarter and more efficient, and to bring government services from the 18th century into the 21st century, and one way is the addition of cryptocurrency to our payment options,” said Seminole County tax collector Joel Greenberg in a statement.
The county does not perceive any “price volatility or risk to the county” in accepting cryptocurrency, it said.
This is likely due to the way BitPay operates. It’s a cryptocurrency payment system designed for merchants, which can convert cryptocurrency to US dollars at the point of “sale” to dodge volatility issues. This system also prevents the county from needing to set up a wallet and convert its own funds.
According to BitPay, it charges a flat 1% in fees, compared to the 3% that’s more typical for credit cards. Accepting cryptocurrency payments might not only be a relatively safe move for Seminole County but also a potential improvement over some existing systems.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VEN, XLM, BTC, XRB
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