The city of Tennessee intends to accept Bitcoin for tax payments

taxes in Bitcoin

July 17, 2021

Reading Time: 2 minutes

Mayor Scott Conger said Friday that Jackson, Tennessee’s eighth-largest city, would enable residents to pay their property taxes in Bitcoin.

According to the mayor, Jackson’s blockchain task group is investigating how the city may take bitcoin property tax payments and enable workers to DCA in bitcoin.

Employees should dollar-cost average the biggest cryptocurrency, according to the city’s blockchain task group.

Conger’s worry about dollar depreciation

In a second tweet, the sharp-eyed lawmaker expressed worry over dollar depreciation. Conger has previously used Twitter to rail about continuing inflation and the depreciation of the US currency, claiming that Bitcoin is the sole answer to this problem.

He inquired as to why inflation is tolerated. Why are they not putting greater pressure on the federal government? In only two years, the rate of growth has increased by 6.3 percent and 172.8 percent in its lifetime. According to Conger, their currency loses value every year.

Treasury Secretary Janet Yellen recently forecasted many months of fast inflation in an interview with CNBC’s Sara Eisen, stating that rapid inflation would continue for several months longer.

Jackson’s wider cryptocurrency ambitions, first revealed by Conger in April, have been updated with this new statement. The city has been looking at ways to pay municipal workers in cryptocurrencies, embrace Bitcoin mining businesses, and add Bitcoin to the city’s financial sheet.

Conger has indicated that the city may be considering allowing payments in other digital currencies, including Ether (ETH) and Litecoin (LTC) (LTC).

Taking the lead in the crypto revolution

Conger initially revealed his intention to incorporate cryptocurrency into Jackson’s economy in April, according to U.Today. In the same month, he established the blockchain task force.

Conger follows in the footsteps of Francis Suarez, the mayor of Miami, who proposed using Bitcoin to collect taxes and pay municipal employees earlier this year.

Last month, he said that he intends to transform Miami into a major mining center by inviting Chinese miners into the country.

Texas and Wyoming, in addition to Tennessee and Florida, are competing to become significant crypto centers.

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