Bermuda to accept cryptocurrency for tax payments

The government of Bermuda has announced that it will be accepting cryptocurrency for taxes, fees and other government service payments. Residents will be able to make payments using the USD Coin (USDC). USDC was launched in 2018 by cryptocurrency exchange Coinbase and Circle. It is pegged on the US dollar and to date over $1 billion USDC has been mined.

Bermuda begun regulating initial coin offerings (ICOs) in 2017. It has regulatory sandboxes for cryptocurrency companies.

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