The United States, as a whole, is presently not anywhere close to legalising cryptocurrencies as a payment option in the country. Nevertheless, the Portsmouth city in the New Hampshire state has decided to allow its residents to pay electricity bills via Bitcoins and other cryptocurrencies. While the option to pay with fiat currency stays open, those who hold crypto assets and wish to circulate them, can use them for bill payments in Portsmouth. Mayor Deaglan McEachern feels that the step will enable people to explore more payment options.
McEachern backed his decision saying he was aware of the “waves of new things” that have lasting effects on everybody.
“I want to make sure Portsmouth is not waiting around to see how this is going to affect us in the future because it’s already affecting us,” Seacoast Online quoted McEachern as saying.
PayPal has been roped in to facilitate crypto transactions in Portsmouth.
“City customers who have cryptocurrency stored in their PayPal account can now make payments to the city using that cryptocurrency when they choose PayPal as their payment method,” the report quoted Nancy Bates, a revenue administrator at Portsmouth, as saying.
The Portsmouth mayor is taking advantage of his small region to try out crypto payments.
Other places in the US, including New York City and Miami, have embraced cryptocurrencies for bill payment purposes.
Meanwhile, US President Joe Biden signed executive orders on the government oversight of the cryptocurrency industry.
Biden has also asked for feedback on the effects of CBDCs on the US economy.
CBDCs or Central Bank Digital Currencies are government-regulated digital assets, built on blockchain.
Elon Musk’s Tesla, Mark Cuban’s NBA team Dallas Mavericks, and movie hall chain AMC Theatres among other brands are already accepting cryptocurrencies for select services.