Bermuda starts accepting stablecoin ‘USDC’ for tax payments
Bermuda’s government has begun accepting USD Coin (USDC) – a USD-backed stablecoin from Coinbase and Circle for the payment of taxes, fees, and government services. This makes Bermuda one of the first countries to accept stablecoin for taxes and government services from its 60 000 residents. This decision comes following Ohio’s recent suspension of its online portal where businesses paid taxes using digital currency. This development is part of the government’s wider initiative of supporting $US- backed stablecoins and decentralisation of finance protocols and services.