Cryptocurrency tax payment is a concept quickly gaining popularity across government officials around the globe, and Bermuda is next on the bandwagon.
Circle, in its latest report, revealed that Bermuda had earned the title of the first government to allow for tax, fees, and other services to paid as cryptocurrency as opposed to the norm. They declared that they would now accept payment through stablecoin USD coin (USDC).
Why cryptocurrency tax payment in Bermuda?
The integration of such a system stems from the country’s attempts to support the usage of both cryptocurrency and decentralized financial services and procedures for cryptocurrency tax payment procedures.
Their announcement stated that governments around the globe must acknowledge this elemental innovation. They further stated that this initiative on the part of the nation further augments their leadership around cryptocurrency as well as their virtual asset policy and regulation concerns.
Furthermore, the very first company in the world to have received a Class F license owed to their incredibly progressive initiatives is Circle. This was done under the Act of Digital Assets Business.
It authorizes the operation of a payment system constructed on Stablecoin’s USDC. They claimed this to be the primary factor that has contributed to the initialization of a system entirely based on crypto.
Circle further indicated, as a pivotal note to investors that the USDC Stablecoin has proven itself by becoming the second most popularised currency around the globe. It was said to have earned support from more than a hundred companies around the world and attained a billion dollars in issuance.