The English city of Portsmouth is now permitting its residents to make payments for their bills in crypto as it moves towards embracing new and flexible ways to ease the ways its residents fulfill their obligations.
As reported by local news channel Seacoastonline, the new payment method was introduced to the city officials by Mayor Deaglan McEachern who confirmed that the payments will be made through Paypal, one of the payment partners that it has been in business with for quite some time.
“There’s waves of new things that are going to affect us in terms of our future that use the type of technology used in cryptocurrency,” McEachern said in a statement. “I want to make sure Portsmouth is not waiting around to see how this is going to affect us in the future, because it’s already affecting us.”
Digital currencies have seen tremendous growth in the past year with a lot of governments gradually warming up to its potentials. While the Portsmouth move is historic in the United Kingdom, other states and cities in the United States, including Colorado and Miami have already made plans for residents to pay using the volatile asset class.
Volatility Will Not Affect Portsmouth Crypto Payments
The modalities of paying the fees in crypto are simplified as it takes place on the Paypal app and the volatility inherent in the digital currencies will not affect the city as the funds will be converted at the point of transactions into fiat currency.
“City customers who have cryptocurrency stored in their PayPal account can now make payments to the city using that cryptocurrency when they choose PayPal as their payment method,” said Nancy Bates, a revenue administrator/tax collector for the city in a memo to City Manager Karen Conard. “This new payment method has no impact on the city’s financial practices as the cryptocurrency is converted to U.S. currency by PayPal before it is sent to our payment processor.”
Paypal embraced digital currencies back in 2020 when it started providing support for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The payments giant extended its support for crypto services into the United Kingdom back in August last year. Besides prominent cities, schools and organizations have also started accepting payments in crypto with the University of Pennsylvania amongst the most prominent examples.
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