Detroit Embraces Crypto For Tax Payments: Risks And Potential [Forbes]
PayPal Holdings, Inc. (PYPL)
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Source: Forbes
Los Angeles Times via Getty Images Detroit has announced it will become the largest municipality in the US to allow residents to pay taxes using cryptocurrencies when it rolls out a new PayPal-managed payment platform in 2025. The initiative hopes to spur technological innovation and foster economic growth—but may come with risks. The city's leaders hope this strategy will modernize Detroit's municipal services and improve the city's financial inclusivity, particularly for unbanked residents. While Detroit's plans are forward-thinking, they may come with more risks than rewards. The initiative brings with it numerous potential downsides, ranging from environmental concerns to dependence on third-party platforms, and high transaction fees. Nonetheless, the Motor City's experiment with accepting alternative currency for tax payments may serve as a testing ground and, depending on results, may pave the way for similar moves on a national scale. Environmental Impact of Crypto Tra
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- Is PayPal Holdings, Inc. (PYPL) The Best Stock Under $100 To Invest In? [Yahoo! Finance]Yahoo! Finance
- Detroit Becomes First Major American City To Pioneer Crypto Payments for City Services [Yahoo! Finance]Yahoo! Finance
- Detroiters Will Be Able to Pay Their Taxes in Crypto Next Year Using PayPal [Yahoo! Finance]Yahoo! Finance
- Detroit to become largest city in U.S. to accept cryptocurrency for taxes [CBS News]CBS News
- Is PayPal Holdings Inc. (PYPL) a Good Stock to Buy Now According to Redditors? [Yahoo! Finance]Yahoo! Finance
PYPL
Earnings
- 10/29/24 - Beat
PYPL
Sec Filings
- 10/29/24 - Form 10-Q
- 10/29/24 - Form 8-K
- 10/15/24 - Form 4
- PYPL's page on the SEC website