Tennessee city is currently considering accepting payments in Bitcoin to combat rising US inflation concerns and deems it to be the only viable source to fight inflation and establish equilibrium in the economic index.
Jackson Mayor Scott Conger has expressed that the only possible way through which the economy can sustain inflation-induced setbacks is via Bitcoin consumption and transactions and now is contemplating the decision of accepting property tax payments in BTC.
Tennessee is widely exploring the idea of adopting cryptocurrency in the long run by making extensive use of crypto to stabilize the US economy and fill the revenue deficit gap via amplified crypto earnings.
Tennessee Has an Idea to Accept Property Taxes in the Form of Bitcoin
Tennessee city’s Jackson Mayor Scott Conger has expressed that the only vital way through which the economy can be saved from the growing inflation is via adopting Bitcoin as an early form of payment, and later infusing it comprehensively to conduct ease in day-to-day transactions. Conner further announced on Thursday that the city is in its initial phases of contemplating Bitcoin as a vital source of payment for property tax. The city’s blockchain task force has also launched research on promising methods through which property taxes can be accepted in BTC by the government.
The blockchain group will also consider factors such as how to allow dollar-cost average BTC to employees or purchase smaller amounts of BTC at regular intervals to facilitate the adoption process without any further rush leading to system failure. Multiple studies have also confirmed that the best way to initiate BTC-backed payments is via the dollar cost average.
Conger had previously tweeted how Bitcoin can become an effective tool in battling excessive inflation concerns in the US economy and the only way these concerns can seek redressal is through Bitcoin adoption in its entirety in the country. As per previous reports, Conger being a crypto proponent had already made several announcements back in April to facilitate crypto dealings in Tennessee. The city is now evaluating potential benefits and risks related to bitcoin adoption and is investigating ways to pay its employees in cryptocurrency.