Portsmouth Mayor Deaglan McEachern believes that this will give people more payment options. “I want to make sure that Portsmouth doesn’t wait to see how it’s going to make an impact because it’s already showing,” McEachern was quoted as saying in a Seacoast Online report. In Portsmouth, crypto transactions will be facilitated through PayPal. “Consumers holding cryptocurrency in a PayPal account will be able to use that cryptocurrency to make payments,” said Portsmouth revenue administrator Nancy Bates.
In the US, some other cities, including New York and Miami, also allow the use of cryptocurrencies for bill payments. US President Joe Biden signed an executive order on digital assets earlier this month. In this, the Federal Reserve has been asked to consider whether it should issue its own digital currency. It also directed the Treasury Department and other agencies to study the impact of cryptocurrencies on the financial system and security.
However, the regulators of the European Union recently warned that those investing in cryptocurrencies should be prepared to lose all their money. This indicates that those investing in crypto have no protection or compensation provision under the Financial Services Act of the EU. Regulators are concerned that the number of people investing in cryptocurrencies, including Bitcoin and Ether, is increasing. Bitcoin and Ether account for 60 percent of the total crypto market. Regulators say that people are not fully aware of the risks associated with cryptocurrencies. There has been an increase in crypto scams in recent months. Because of this, the regulators want to increase the scrutiny of this segment.
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