More On: crypto news
It's in PortSMOUTH. Residents who want to pay the city with cryptocurrency can now do so through PayPal, says Mayor Deaglan McEachern.
He said on Monday that there are going to be waves of new things that will affect us in the future that use the same type of technology used in cryptocurrency. "I want to make sure Portsmouth doesn't wait around to see how this will affect us in the future, because it already has."
There are many different types of digital or virtual currencies that are called "cryptocurrencies." Cryptocurrencies are digital or virtual currencies that are protected by cryptography, which makes them hard to counterfeit or double-spend. They make it possible to make safe online payments without having to use third-party intermediaries.
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It's not possible for Portsmouth residents to pay their taxes with cryptocurrency at this point, McEachern said.
PayPal is a payment service that the city has been using for months, says Nancy Bates, a revenue administrator or tax collector for the city. People will instead have to use that service instead.
City customers who have cryptocurrency in their PayPal account can now pay the city with that cryptocurrency if they choose PayPal as their payment method, City Manager Karen Conard read in a memo. No, this new payment method has no effect on the way the city manages its money because PayPal converts the cryptocurrency into US dollars before the money is sent to our payment processor.
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When McEachern came up with the idea, he said it was a way for the city to embrace "the technology" behind cryptocurrencies.
"We're making it easier for people to pay their bills," he said.
He asked for his $500 bonus for being elected mayor to be paid in cryptocurrency as a way for him to learn more about how it works.
Until he gets it, McEachern said, he will convert it to cash and give the money to help people who need it.
As a small city, we can move quickly and try this out, he said.
Portsmouth: The city is looking into the demand for pickleball courts, hockey rinks, and more. He thinks that in the long run, cryptocurrencies will be "transformative for financial services." In the short term, it can help people "who aren't banked in the United States."
"I'd love to bring that to Portsmouth," he said.
Then, he said that there are already credit cards that let you use cryptocurrency.
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