The authorities of Bermuda allowed paying taxes and fees with stablecoins USDC. This step is part of a broader initiative by the Government of Bermuda aimed at promoting the use of stablecoins pegged to the US dollar and decentralized financial protocols and services, as was informed.
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
Jeremy Allaire, Circle CEO considers this Bermuda authorities step is natural because the Bermuda dollar is pegged to the US dollar 1:1, just like the USDC.
According to CoinMarketCap, cryptocurrency takes 24th place in the world by capitalization. It is estimated at $478 million.
Recall that the state of Ohio allowed to pay taxes with cryptocurrency in November last year – local businesses got the opportunity to make payments in Bitcoins. State authorities suspended the program in early October 2019, explaining that less than 10 companies used this opportunity in 10 months after launch.