Detroiters Will Be Able to Pay Their Taxes in Crypto Next Year Using PayPal [Yahoo! Finance]
PayPal Holdings, Inc. (PYPL)
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Source: Yahoo! Finance
The crypto payment option, which will be offered through a "secure payment platform managed by PayPal," according to the release, is expected to go live in mid-2025. A spokesperson for the city did not immediately respond to questions about which cryptocurrencies Detroit plans to accept, but PayPal only supports a small handful of tokens — bitcoin, ether, bitcoin cash, litecoin, and PayPal's own stablecoin, PayPal USD. Once Detroit officially begins accepting crypto payments, it will be the largest U.S. city to do so. Two other cities — Miami Lakes, Florida and Williston, South Dakota — already accept crypto payments for some city fees, utility payments, or taxes, as well as three states — Colorado, Utah and Louisiana. Each has partnered with a third party payment processor like PayPal or BitPay that converts crypto payments into U.S. dollars. According to the city's announcement, Detroit's decision to allow crypto payments comes as part of a larger push to embrace new technologi
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PYPL
News
- Detroit Embraces Crypto For Tax Payments: Risks And Potential [Forbes]Forbes
- 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
- 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