08 Nov, 2024

Detroit Leads U.S. in Crypto Tax Payments, Trump’s Pro-Crypto Stance May Inspire More Cities

The recent rally in Bitcoin, spurred by the optimism following Donald Trump's election, signals a new era of cryptocurrency adoption in the United States. Many analysts predict a 40% price increase for Bitcoin, with Trump's pro-crypto stance offering hope for less restrictive regulatory measures and a more favorable market environment. As Bitcoin and other digital currencies soar in popularity, U.S. cities like Detroit are making bold moves to integrate crypto into everyday financial systems.Detroit is set to become the largest U.S. city to accept cryptocurrency for tax payments, municipal fees, and services. This pioneering decision, which will roll out in mid-2025, is seen as a critical step in the broader adoption of blockchain technology by local governments. Mayor Mike Duggan highlighted the initiative’s potential to empower both residents and entrepreneurs, fostering financial inclusion in the process.Trump’s Pro-Crypto Policies Spark Nationwide MomentumTrump’s election has breathed new life into the cryptocurrency market, with his outspoken support for Bitcoin and digital assets influencing both the financial community and local government policies. His pro-crypto policies are expected to lead to more favorable regulations, spurring cities to embrace blockchain technology for various applications, including public services. Analysts have long predicted that this regulatory shift could push Bitcoin’s price to new heights, fueling optimism in markets across the U.S.As the largest city in Michigan, Detroit’s decision to accept crypto payments signals the start of a significant trend in the U.S. This move is part of a broader push to modernize city services by incorporating digital currencies, a step that aligns with the goals of improving transparency and accessibility. With the PayPal crypto platform ensuring secure transactions and easy conversion to U.S. dollars, Detroit’s new system aims to streamline payment processes for both crypto holders and traditional users.A Growing Trend of Cryptocurrency Adoption by U.S. CitiesDetroit is not alone in its interest in crypto payments. Other U.S. cities are also watching closely as blockchain technology begins to reshape how local governments handle payments. Cities like Miami and smaller towns such as Williston, North Dakota, have already implemented crypto payment systems for services like utility bills and town service fees. Meanwhile, other cities are exploring blockchain solutions for everything from property taxes to licensing fees.As more local governments follow Detroit’s lead, cryptocurrency could soon become a standard payment method for municipal services across the U.S. The increasing acceptance of digital currencies is poised to enhance financial inclusion, particularly for unbanked populations, and streamline payment systems across the country.Future of Cryptocurrency Payments in the U.S.The trend toward crypto payments in the U.S. is just beginning, with more cities likely to join the movement in the coming years. As Trump’s pro-crypto policies continue to encourage innovation and technological advancement, it’s clear that digital currencies are here to stay, offering new opportunities for governments and residents alike. The Detroit initiative is likely to set the stage for other cities considering similar systems, making it a key moment in the evolution of public finance and cryptocurrency adoption.

04 Nov, 2024

Laos’ Inflation Rate Drops to 20.7% in October

Laos’s inflation rate dropped slightly in October to 20.7 percent, down from 21.7 percent in September, according to official reports.According to data from the National Statistics Bureau, the Consumer Price Index also surged, rising from 245,8 in September to 249,6 in October, highlighting the escalating cost of living in the country.In October, healthcare and medicine costs decreased by 30.8 percent but still remain among the highest categories. Accommodation, water, electricity, and cooking gas costs rose by 29.8 percent, while prices in the restaurant and hotel category increased by 27.5 percent. Household appliances went up by 27.3 percent, education costs by 26.3 percent, and food and non-alcoholic beverages—which are the most consumed items by Lao people—increased by 22.1 percent.According to the report, some of the main reasons behind this month’s decrease of inflation rate were lower exchange rate pressure, together with changes in world oil prices and the domestic market struggling to adjust.