Jackson City in Tennessee Plans to Accept Property Tax Payment in Bitcoin
Jackson City, the eighth-biggest city in the US state of Tennessee, intends to permit its residents to pay property tax in Bitcoin (BTC), according to Mayor Scott Conger.
Mayor Conger announced his ambition on Twitter by stating that:
“Our blockchain task force is looking into how the CityofJacksonTN can accept property tax payments in Bitcoin and allow our employees to DCA in Bitcoin.”
DCA is an investment strategy in which an investor divides up the total amount to be invested across periodic purchases of a target asset to reduce the impact of volatility on the overall purchase. Therefore, employees in Jackson will be able to make fewer Bitcoin purchases when the prices are high and more when the prices are low.
U.S. major cities develop crypto-friendly policies
Conger created the city’s blockchain task force back in April, intending to encourage crypto usage. It comprised various experts in the blockchain/crypto space. The city’s blockchain task force was orchestrating this move.
Jackson is among the crypto-friendly cities in the US. Miami’s mayor, Francis Suarez, has shown his commitment to having Bitcoin integrated into the city’s ecosystem.
In February, Miami disclosed its commitment to allow its employees to receive their salaries in Bitcoin. Secondly, the city was considering local fees and taxes to be paid in BTC or other cryptocurrencies.
Suarez was also eyeing Miami becoming the first city globally to place some of its treasury into Bitcoin. Meanwhile, as a way to open the doors to more addiction treatment, the US-based Legacy Healing Center accepted Bitcoin and Ethereum as valid forms of payment.
Image source: Shutterstock
President Biden’s Tax Plans Spark Fear, Triggering a Bitcoin and Ethereum Price Drop