The news is that Seminole County tax collector Joel Greenberg will use Bitpay to accept tax payments in cryptocurrencies.
This represents a tipping point in the financial world unlike anything that has ever been seen. Greenberg says he wants to make his customer ‘s experience “faster, smarter and more efficient” and to bring government services “ out of the 18th Century into the 21st.”
He also said it would reduce identity fraud and increase the transparency and accuracy of payments.
Seminole is the first government agency to accept crypto, although Arizona and Georgia have both proposed laws to enable acceptance.
If what Greenberg says is true (and it is) then using Cryptos rather than fiat for these sort of payment makes absolute sense. It makes one wonder why it has taken so long for someone to break ranks and take the plunge.
It looks as though bitpay will do the necessary KYC checks and effectively sanitize the payments. This was always going to have to happen and all those who said otherwise were living in cloud cuckoo land. We at Scotcoin – as we continually say – embraced the certainty of KYC and AML requirements long ago.
In case you haven’t heard it, William Gladstone, on seeing Michael Farraday’s electricity experiment, asked, “ But after all what use is it?”
Farraday smiled grimly: “ Why, sir, there is every probability that you will soon be able to tax it!”
And so it will prove….