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Tennessee City considers Bitcoin tax payments

CryptocurrencyJul 17, 2021 02:30AM ET
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© Reuters. Tennessee City considers Bitcoin tax payments

The mayor of Jackson, the eighth-largest city in the state of Tennessee, disclosed on Friday that plans are on the way to allow citizens to pay their property taxes in Bitcoin.

In a series of tweets, Mayor Scott Conger said that a blockchain task force is working towards making the flagship currency a payment option for taxes. Furthermore, the task force wants employees to dollar-cost average Bitcoin.

The mayor is determined to turn Jackson into a major cryptocurrency hub. Back in April, Conger announced that a blockchain task force had been set up for the city. He also noted the incoming industrial revolution that could be ushered in by Bitcoin adoption.

Meanwhile, in a separate tweet, Conger raised concerns over dollar debasement. He said:

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.
Conger is arguably emulating the steps of Francis Suarez, the mayor of Miami, who pushed a similar proposal earlier in the year.

Speaking of inflation, in a recent appearance on CNBC, Treasury Secretary Janet Yellen said that there might still be several months of “rapid inflation.”

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Tennessee City considers Bitcoin tax payments
 

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