Bermuda has become the very first government to accept payments for taxes, fees and other government services in stablecoin.
According to the Circle, a peer-to-peer payments technology company, the Bermuda government will be accepting payments in USD-dollar backed stablecoin called USD Coin (USDC).
The decision was reportedly made in order to support the use of USD-dollar backed stablecoins and decentralized finance protocols and services.
"Recent months have brought more and more attention to stablecoins and national fiat digital currency initiatives. While future projects such as Libra seek to introduce entirely new global currencies, and major national governments such as China seek to introduce their own Central Bank Digital Currencies, the broader crypto ecosystem continues to push ahead by building on existing, working public blockchains, and supporting major existing global currencies such as the U.S. dollar," the official announcement states.
Previously iHodl reported that one of the leading bank-backed cryptocurrency fintech companies Circle moved its operations offshore with a new office in Bermuda due to "mounting regulatory pressures in the United States."
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