In Bermuda, taxes and government services can be paid with USDC stablecoin
USDC Stablecoin: Can You Trust It?
Bermuda Government announced that it will begin accepting payment of taxes, fees and other government services in USD Coin cryptocurrency.
The island nation became the first country to legalize a token tied to US dollar, issued by private companies Coinbase and Circle.
What’s more, the government also said it was already working to expand the integration initiative. digital assets and plans to add support for other decentralized financial protocols and services to the formal sector of the economy.
This decision was facilitated by the government’s favorable attitude towards the crypto industry and the recent relocation of Circle’s exchange activities to Bermuda..
However, this is not the first state to connected its economy with cryptocurrency. In September, the Marshall Islands announced the release of a national digital currency Sovereign with a fixed increase in the money supply.
text: Ivan Malichenko, photo: wikiway