tl;dr

Detroit announced that starting in mid-2025, residents will be able to pay their taxes using cryptocurrency, making it the largest US city to accept crypto payments for public services. Transactions will be processed through a secure platform maintained by PayPal. The city is also seeking blockchain...

Detroit announced that starting in mid-2025, residents will be able to pay their taxes using cryptocurrency, making it the largest US city to accept crypto payments for public services. Transactions will be processed through a secure platform maintained by PayPal. The city is also seeking blockchain entrepreneurs to present civic solutions as part of its strategy to become a hub for blockchain-driven economic development and innovation in public service. The deadline for proposal submissions is December 15, 2024.


Detroit is becoming the biggest US city whose resident will be able to settle their tax payments in cryptocurrency, city officials announced Thursday. The move will make Detroit the largest US city to accept crypto payments for public services. City officials said transactions are set to occur via a secure platform maintained by PayPal. The service is set to start by mid-2025.


Detroit recently announced that starting next year, residents will be able to settle their tax payments by using crypto. This makes Detroit the largest US city offering crypto payment options for municipal services. The city said the transactions would go through a secure platform powered by PayPal. This aligns with Detroit’s larger strategy to explore innovative technologies. It could also enhance public services, strengthen civic engagement, and foster economic growth. The city of Detroit has announced that beginning “mid-2025.” However, the city didn’t set an exact date when citizens can start with their tax payments with cryptocurrency.


Detroit is building a technology-friendly environment that empowers residents and entrepreneurs,” said Mayor Mike Duggan. “We are excited to be one of the first major US cities to explore blockchain’s civic applications and allow our residents to take advantage of cryptocurrency as a payment option.”


Coupled with the new payment system, the city calls on blockchain entrepreneurs to come and present their unique civic solutions. These presentations will go to Detroit’s newly minted Entrepreneurship and Economic Opportunity Director, Justin Onwenu. The work aims to position Detroit as a hub for blockchain-driven economic development and innovation in public service. Detroit is calling on blockchain entrepreneurs to submit their proposals to Justin Onwenu, the city’s Director of Entrepreneurship and Economic Opportunity, by December 15, 2024. Those interested can email their proposals. Proposals should include a description of the proposed solution, identification of potential stakeholders, cost estimates and risk assessments, and an outline of how the solution will enhance city services and benefit Detroit residents.


Currently, only Colorado, Utah, and Louisiana accept cryptocurrency for state payments, making Detroit’s initiative one of the first among major US cities. Some companies are already testing tax payments on blockchain. Most recently, OrbitLabs has proposed a thorough review of the new “Reverse Charge” tax system on Terra Classic. This tax mechanism aims to simplify tax handling on the blockchain by deducting taxes from the recipient rather than the sender.

More about Emeren Group Ltd

Stock Summary:

Company: ReneSola Ltd

Industry: Manufacturing, Semiconductors & Related Devices

Market Cap: 112,761,000

Dividend Yield: None

EPS: -0.31

PE Ratio: 1.915

ROE: -0.163

Volume: 103,577,000

50-Day Moving Average: 5.33

Relative Strength Index (RSI): -0.924

Stochastic Oscillator: -0.112

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Technical Analysis Summary

Market Analysis Summary

Based on the analysis of moving averages and the RSI, the stock is currently exhibiting strong bullish momentum.

The Bollinger Bands indicate a potential breakout, suggesting a continuation of the upward trend.

However, caution is advised as the stock price approaches a key resistance level, which may lead to a temporary pullback.

Traders should closely monitor the price action for confirmation of a sustained breakout before considering new long positions.


Disclaimer: Technical analysis is not a guarantee of future performance and involves the risk of financial loss.

Disclaimer

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 30 Jan 25
 30 Jan 25
 30 Jan 25