Bermuda Becomes 1st National Government to Accept Tax Payments in USDC Stablecoin

As reported by The Circle Blog, “Today, Bermuda became the first government to accept payments for taxes, fees and other government services using USD Coin (USDC).

“Announced as part of a broader initiative from the Bermuda government aimed at supporting the use of USD-dollar backed stablecoins and decentralized finance protocols and services, this is a major milestone in crypto and for the Circle and Coinbase-backed CENTRE Consortium, the creator of USDC.

“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 US dollar.

“Governments everywhere will need to respond to this fundamental innovation, and this initiative from Bermuda builds on their broader leadership around crypto and digital asset policy and regulatory issues.”

Continue to read the full story at The Circle Blog.

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