Cryptocurrencies may soon be used for daily transactions as many people across governments and private entities start adapting to the revolutionary new technology. BitPay announced a formal agreement with Florida’s Seminole County Tax Collector, Joel M. Greenberg.
As a progressive move, Bitcoin [BTC] and Bitcoin cash [BCH] can now both be used for tax payments, beginning this summer. County residents can use cryptocurrency to pay for driver licenses, ID cards, and even property taxes.
Joel M. Greenberg, Seminole County Tax Collector, explained:
“We live in a world where technology has made access to services on demand, with same-day delivery and the expectation of highly efficient customer service and we should expect the same from our government. 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.”
Cryptocurrency isn’t necessarily moral or immoral. It is an amoral technology, a tool. It can be used for terrorism, vacation getaways, housing, and, now, taxes. As governments are wont, they’re usually immune from innovation. But when it comes to revenue collection they’re surprisingly spry, alert, on it.
The processors take a heavy cut in paying taxes by credit or debit. The advent of cryptocurrency and the BitPay Visa does away with a great many previous frictions, making the expropriation experience win-win; enthusiasts don’t have to do yet another conversion, and governments save in fees.
Head of Compliance at BitPay, Jeremie Beaudry, detailed:
“Bitpay was born out of the potential of the blockchain to revolutionize the financial industry, making payments faster, more secure, and less expensive on a global scale. With the Seminole County Tax Collector’s office, we have engaged our first government agency to accept bitcoin and bitcoin cash by making it easy and seamless for them.”
BitPay and Seminole County teamed to allow Bitcoin cash and Bitcoin for pretty much everything; car tags and titles, licenses, and property tax.
The money is directly paid in fiat to the account of the county tax collector by the following business day. The local government is spared notorious price volatility and the usual risk associated with cryptocurrency. BitPay in their press release insists that through a push transaction, the user sends the exact amount of bitcoin or bitcoin cash needed to pay the bill. This eliminates traditional credit card fraud and identity theft risks associated with credit cards.
The company’s fees are also better than merely competitive, as 1% per approval is way below market rate. And for those wishing to pay their taxes, the processor can be accessed through traditional computers or smartphones.