Portsmouth to open account payments in BTC, Other Altcoins

The United States, as a whole, is currently not close to legalizing cryptocurrencies as a payment option in the country. Nevertheless, the city of Portsmouth in the state of New Hampshire has decided to allow its residents to pay electricity bills via Bitcoins and other cryptocurrencies. While the option to pay with fiat currency remains open, those who hold crypto-assets and want to circulate them can use them for account payments in Portsmouth. Mayor Deaglan McEachern feels the move will enable people to explore more payment options.

McEachern supported his decision, saying he was aware of the “waves of new things” that are having a lasting effect on everyone.

“I want to make sure that Portsmouth does not wait to see how it will affect us in the future, because it already affects us,” Seacoast Online quoted McEachern as saying.

PayPal has been used to facilitate crypto transactions in Portsmouth.

“City customers who have stored cryptocurrencies in their PayPal account can now make payments to the city using that cryptocurrency when choosing PayPal as their payment method,” said Nancy Bates, a revenue administrator at Portsmouth, in the report.

The mayor of Portsmouth is using his small region to try crypto payments.

Other places in the US, including New York City and Miami, have embraced cryptocurrencies for account payment purposes.

Meanwhile, US President Joe Biden has signed executive orders over the government’s oversight of the cryptocurrency industry.

Biden also asked for feedback on the impact of CBDCs on the U.S. economy.

CBDCs or Central Bank Digital currencies are state-regulated digital assets, built on blockchain.

Elon Musk’s Tesla, Mark Cuban’s NBA team Dallas Mavericks, and movie hall chain AMC Theaters among other brands are already accepting cryptocurrencies for select services.

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