Government of Bermuda first to accept tax payments in USD Coin cryptocurrency backed by Circle and Coinbase

Bermuda is first country to accept tax payments in the USD Coin (USDC) cryptocurrency. The USDC digital currency is backed by both Circle and Coinbase. One USD Coin has the equivalent value of one dollar. Coinbase is a digital currency exchange with headquarters in San Francisco and the company is broker exchange of Bitcoin, Bitcoin cash Ethereum Classic and Litecoin.USDC is controlled by government-regulated entities. The decision by Bermuda to accept cryptocurrency is a major development for cryptocurrency sales. The USDC cryptocurrency is the second most popular Stablecoin in the world and is supported by over 100 companies worldwide.

The government of Bermuda is working together with Shyft Network to create a digital identity framework that will enable businesses entities within the country to seamlessly integrate their systems with the platform. The State of Ohio recently became the first in the United States to accept tax payments in bitcoin. The advent of the Libra cryptocurrency project is credited for sparking mainstream interest in collateralized currencies. Stablecoins are becoming more popular because of their use as a means of payment. They offer redemption guarantees which help mitigate against market value fluctuations, especially when trading crypto pairs. Research reports indicate that a majority of bitcoin trades are carried out using Stablecoins such as the USDT by Tether, and the USDC.

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