By Shelly Melancon (Switzerland)
The rising adoption of cryptocurrencies worldwide spreads like wildfire, especially over the past 12 months. On Thursday, another American city (Portsmouth) follows the footsteps of previous cities authorizing their residents to pay their bills through BTC.
Highlights From The Policy
Part of the announcement added that residents could also pay their property taxes using the leading digital asset. However, the authorities also clarified that residents willing to pay their bills, taxes, or both using crypto must have such crypto in their Paypal wallets. In a recent interview, Portsmouth Mayor, Deaglan McEachern, stated, “we’ve created greater participation by allowing our residents to pay their bills through several means.”
The Mayor revealed that he was among those who proposed the idea of enabling Portsmouth residents to pay their bills through digital assets. He also said he wouldn’t want Portsmouth city to take a back seat in embracing new technology while other cities are adopting it already.
“I presume that city hall now understands how blockchain technology and digital currency work. More importantly, they’ve found a way this technology and crypto can benefit our residents, which is my main objective too,” McEachern further said. Another part of the announcement revealed that Portsmouth authorities would instantly convert all bills paid with crypto into fiat to avoid the enormous volatility of crypto prices, which sometimes results in a significant loss of value.
Also read:Authorities’ Growing Interest In Digital Assets
This Portsmouth announcement shows the rising interest of various authorities in the crypto industry, which is proof of the growing adoption of crypto assets globally. Portsmouth is the latest city in addition to New York and Miami cities, which have adopted a friendly crypto policy legally. In January 2022, New Hampshire authorities established a committee to revise current crypto policies at the state and federal levels.
Part of the committee’s responsibilities is to make relevant suggestions on the regulation of cryptos, including investor protection and what authorities need to do to promote the industry’s growth. Last September, El Salvador made the shocking move to legalize BTC as a tender. The action prompted several other nations within and outside Central America to take similar steps.
Wall Street Bank Launches Spot Crypto Trading
According to Bloomberg, Cowen Inc. (a wall street investment bank) has launched a new offering called Cowen digital. Through this new offering, the bank’s institutional clients can gain exposure to the crypto market through spot trading. The report also states that Cowen becomes the first wall street investment bank to offer to launch this feature. Several other wall street banks have launched various crypto-related offerings, but none provided spot crypto trading features.
With this new offering by Cowen, it appears that wall street is starting to soften its stance about the crypto sector despite condemning it in the past. BNY Mellon and Morgan Stanley were among the first wall street banks to launch crypto-related offerings, while many others have followed suit and are planning to do so soon.
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