• Tue, 12 Nov 2019, 12:49 PM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Bermuda starts accepting stablecoin ‘USDC’ for tax payments

Image: Foreign and Commonwealth Office (Flickr)

Wed, 16 Oct 2019, 14:29 pm UTC

The government of Bermuda has started accepting USD Coin (USDC), a USD-backed stablecoin from Circle and Coinbase, as payment for taxes, fees and other government services, Circle announced in an online post on October 16.

While few jurisdictions, such as Zug in Switzerland and Ohio in the U.S., have made efforts to accept bitcoin for public services, Bermuda is possibly the first country to accept a stablecoin for tax payments. Ohio, however, recently suspended its online portal that allowed businesses to pay their taxes using the digital currency.

Bermuda’s official support for USDC is part of the government’s broader initiative aimed at supporting the use of USD-dollar backed stablecoins and decentralized finance protocols and services.

“Hats off to Premier David Burt, who continues to show more leadership on these issues and very much remains out ahead of other governments in the world,” Circle said.

Around 60,000 residents would now be able to pay their taxes using USDC, which has exceeded $1 billion in issuance since its launch in September 2018, CoinDesk reported.

“By building on widely adopted public blockchains such as Ethereum, USDC is now usable in an incredibly diverse range of decentralized finance products and services, including products for savings, lending, borrowing, securities offerings and trade finance,” Circle said. “People and businesses in Bermuda will be able to take advantage of these diverse products, including now also being able to pay for taxes and government services.”

Earlier in July, Circle announced the launch and regulatory licensing of a new subsidiary in Bermuda. It received a Class F license under the Digital Assets Business Act, enabling the firm to build products and operations in Bermuda.

“Part of that license was permission to operate a payment system built on USDC,” Circle said.

Meanwhile, a number of central banks, including the People’s Bank of China (PBoC), the Swiss National Bank (SNB), Eastern Caribbean Central Bank (ECCB), and Sweden’s Riksbank, have been reported to be either developing or considering to issue central bank digital currency (CBDC).

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,773.09 (+0.45%)
  • Ethereum (ETH) $187.03 (+0.21%)
  • XRP (XRP) $0.273700 (-0.05%)
  • Bitcoin Cash (BCH) $288.34 (+0.74%)
  • Litecoin (LTC) $61.45 (-0.60%)
  • Bitcoin (BTC) $8,773.09 (+0.45%)
Nov 12, 2019 (Tuesday)
UPS and HerdX track and monitor beef shipment from U.S. to Japan using blockchain technology
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
China's forex regulator SAFE expands blockchain cross-border financing pilot to 19 provinces
eToroX adds support for Dash, USDC, USDT and GOLDX/BTC, announces 5 new stablecoins
Crypto Technicals: XLM/USD downside limited, holds support at 5-DMA
Crypto Technicals: NEO/USD consolidates around 200-DMA, bias bullish
CoinMarketCap releases Liquidity metric geared towards filtering out market manipulation
Bittrex to release funds of frozen accounts following OFAC’s go-ahead but requirements need to be met first
Film and tech executives to launch blockchain working group at American Film Market
Crypto Technicals: XRP/USD holds cloud support, intraday bias bearish
Crypto Technicals: ETH/USD holds 21-EMA support, intraday bias neutral
Banque de France seeks crypto analyst, development engineer for various financial applications
Bithumb Global announces native token for its blockchain platform ‘Bithumb Chain’
Crypto Technicals: BTC/USD holds support at 4H 200 SMA (8666), break below to see more weakness
BIS appoints Benoit Coeure as the head of new Innovation Hub; Group to foster fintech cooperation between central banks
Bakkt opens bitcoin custody service to all institutions
Free 7-week crypto lectures to be launched by venture capital firm Andreessen Horowitz
Alibaba partners with Lolli to reward shoppers with bitcoin
Chinese-state run publication releases positive report about Bitcoin
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.