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Tennessee City Plans to Accept Bitcoin for Tax Payments

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Fri, 07/16/2021 - 05:22
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Alex Dovbnya
Mayor Scott Conger is determined to turn Jackson into a major cryptocurrency hub
Tennessee City Plans to Accept Bitcoin for Tax Payments
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Jackson, the eighth-largest city in the state of Tennessee, plans to allow its citizens to pay their property taxes in Bitcoin, Mayor Scott Conger announced Friday.  

The city’s blockchain task force also wants employees to dollar-cost average the largest cryptocurrency.

In a separate tweet, the laser-eyed politician raised concerns about dollar debasement:

Why do we accept inflation? Why don’t we demand more from our federal government? 6.3% in 2 years. 172.8% in my lifetime. Every year our dollar is worthless.    

In a recent interview with CNBC’s Sara Eisen, Treasury Secretary Janet Yellen predicted several months of “rapid inflation”:

We will have several more months of rapid inflation.      

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Leading the crypto revolution

As reported by U.Today, Conger first announced his plan to integrate crypto into Jackson’s economy back in April. He also formed the blockchain task force within the same month.

Conger followed the suit of Francis Suarez, the mayor of Miami who pushed a proposal to collect taxes in Bitcoin and pay municipal workers in the flagship cryptocurrency earlier this year.

Last month, he also voiced his intentions to turn Miami into a major mining hub by welcoming miners who are fleeing China.

Apart from Tennessee and Florida, Texas and Wyoming are also vying to establish themselves as major crypto hubs.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.