Bermuda began to accept taxes in stablecoin USDC

In Bermuda, they were allowed to pay taxes and government fees in the stablecoin USDC. This is the first time in history.

USD Coin ($ USDC) continues to be embraced by those in the crypto ecosystem and those outside of it. https://t.co/HozJeftxYa

– Circle (@circlepay) October 16, 2019

The UK overseas government said the decision is part of a broader initiative to use “decentralized financial protocols and services.”

Circle launched stablecoin a year ago. To promote it, the company created a CENTER consortium. Security reserves have been independently audited several times.

Circle CEO Jeremy Allair called the Bermuda authorities step natural, as the Bermuda dollar is pegged to the US dollar at a 1: 1 ratio, just like the USDC.

Recall, the Circle-owned cryptocurrency exchange Poloniex has opened a division in Bermuda to serve foreign customers.

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