Bermuda, an island nation of 71,000 people located in the North Atlantic, has announced that they are accepting USD Coin (USDC) for taxes and government services. USDC is the second most popular stablecoin with a circulating supply near USD 500 million, and it is operated by the CENTRE consortium, which is primarily controlled by the popular crypto exchanges Circle and Coinbase.
The announcement that Bermuda is now accepting USDC for government services and taxes follows Circle moving its exchange operations to Bermuda in late July.
This is not the first time a government has accepted cryptocurrency for government services and taxes. In November the state of Ohio in the United States announced that they would be accepting Bitcoin, but recently that came to an end.
Perhaps Bermuda’s acceptance of USDC will be more successful, since USDC is pegged to the USD and not prone to market volatility. Also, USDC can be easily converted to USD on Circle or Coinbase and deposited into a bank account. Therefore, Bermuda will not have to worry about market volatility or exchange fees when accepting USDC.
Image Courtesy: Pixabay