Detroiters will soon have the opportunity to pay their taxes and various city fees using cryptocurrency facilitated by PayPal, following an announcement from the city's Office of the Treasury on Thursday.

This new payment option is slated to be introduced through a secure payment platform managed by PayPal and is anticipated to be operational by mid-2025. Though the specifics on which cryptocurrencies will be accepted are not yet clear, it’s known that PayPal currently supports a limited range of tokens including Bitcoin, Ether, Bitcoin Cash, Litecoin, and its own stablecoin, PayPal USD.

Once these payments are officially accepted, Detroit will become the largest city in the United States to embrace such a system. Previously, only Miami Lakes in Florida and Williston in South Dakota have accepted crypto payments for select city fees and taxes. Moreover, three states, namely Colorado, Utah, and Louisiana, have also allowed certain crypto transactions, typically through third-party processors like PayPal or BitPay, converting cryptocurrencies into U.S. dollars.

The decision is part of Detroit’s comprehensive strategy to harness emerging technologies in order to spur economic growth and welcome blockchain and tech companies to the city.

"Detroit is fostering a technology-friendly ecosystem that empowers its residents and entrepreneurs," stated Mayor Mike Duggan in a recent press release. "We are thrilled to be among the pioneering major U.S. cities exploring blockchain's civic applications and enabling our residents to utilize cryptocurrency as a payment choice."

In addition, Detroit's city administration is inviting crypto entrepreneurs to propose ideas for blockchain-based civic applications, focusing on enhancing transparency, improving data security, and streamlining public services to the city’s inaugural Director of Entrepreneurship and Economic Opportunity, Justin Onwenu.

"This initiative demonstrates our openness to innovation and our commitment to establishing Detroit as a hub for entrepreneurs and transformative ideas," Onwenu remarked. "Blockchain technology harbors the potential to enhance accessibility, efficiency, transparency, and security, and we eagerly await proposals from innovators spearheading this field."