Is America warming up to Crypto?
This week, I bring you two important crypto news from the land of the Brave and Free.
Have you ever heard of Williston, North Dakota? Me neither. No offense to the population of Williston who will, no doubt, be subscribed.
But this small town in North Dakota is now the 3rd town in the states to allow the payment of utility bills to be done with cryptocurrency, in a collaboration with BitPay. The city is also to assess the expansion of this modern payment system for licenses, landfills, and permit bills.
According to officials, this new method is not only forward-thinking but beneficial to the municipality, as BitPay will charge a 1% fee, versus the usual 3% charged by platforms like Google Pay, Apple Pay, and PayPal.
On a less cool topic, the IRS can now seize your crypto assets if you fail to pay taxes. According to officials, the IRS treats crypto as property, allowing them to seize it the same way they would any other physical asset. The Internal Revenue Service recently made a collaboration with crypto tax service provider TaxBit, to assist with auditing crypto transactions to verify the correct reporting of taxes by high-volume traders.