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Bermuda Becomes First Government To Accept USDC Stablecoin For Tax Payments

Janelle Fox

Summary: Bermuda has become the first government to accept its stablecoin USD Coin (USDC) for tax payments, according to CoinTelegraph. This announcement which came from global financial services company Circle, is just the beginning of a bigger plan from the Bermuda government to support “The use of USD-dollar backed stablecoins and decentralized finance protocols and services.” ...

Bermuda has become the first government to accept its stablecoin USD Coin (USDC) for tax payments, according to CoinTelegraph.

This announcement which came from global financial services company Circle, is just the beginning of a bigger plan from the Bermuda government to support “The use of USD-dollar backed stablecoins and decentralized finance protocols and services.” The move makes sense for Bermuda as their fiat currency the Bermudian dollar is already backed by the United States dollar.

By Janelle Fox

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