Bermuda officially allowed to pay taxes and fees in stablecoins

Based on the latest Circle report , Bermuda was the first to accept tax payments, fees, and other government services using the stable USD Coin (USDC) stablecoin.

The adoption of the cryptocurrency secured by the US dollar is part of the Bermuda project to support the adoption of stablecoins , decentralized financial protocols and services.

“Governments around the world must respond to this fundamental innovation; this Bermuda initiative reflects leadership in crypto and digital asset policies as well as regulatory issues.”

Moreover, Circle was the first company in the world to receive a Class F license under the Progressive Act on Entrepreneurship in the Field of Digital Assets.

Since the license permits the operation of a payment system based on USDC, the company will expand the range of financial services based entirely on crypto and digital assets.

“In one year, USDC has established itself as the second most stablecoin in the world, having secured the support of more than 100 companies in the global crypto ecosystem and reaching an emission of $ 1 billion,” the Circle said.

Publication date 10/17/2019
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