Technically savvy Chandler now accepts cryptocurrency to pay for utilities

Cryptocurrency
Chandler, one of the country’s trendy technology cities, now accepts cryptocurrency to pay for utilities.

Cliff Summerhill, Especially for Wrangler news

As a sign of the ever-changing technological times in which we live, Chandler presented an opportunity for residents to pay their utility bills using cryptocurrency.

“We assumed that with so many technology companies within the city, their employees could use cryptocurrency because of their strong technical skills,” said Dawn Lang, deputy city manager and chief financial officer of Chandler. “That’s why we wanted to be sensitive to that.”

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Chandler is home to some of the largest technology companies in the United States, including Intel, NXP Semiconductors and Microchip Technology. According to the city, Chandler has more than 26,000 employees among 268 technology companies.

Chandler joins several municipalities across the country that accept cryptocurrency as payment for municipal services.

In February, Colorado was the first state to adopt virtual currency for fees and state-level fees.

“It’s about customer service for our residents,” said board member Mark Stewart. The digital currency and the blockchain are growing rapidly, and as an “innovation community”, we believe it is important to be at the forefront of this technology and offer it to our people as a form of payment. utility bills and other payments “.

Residents must have a PayPal account with Bitcoin, Litecoin or Ethereum associated with their virtual wallet to use the service. Those who use PayPal for payments can easily choose cryptocurrency as a method of payment when paying online.

More on the city’s website: chandleraz.gov/utilityservices.

One of Chandler’s strategic goals is rooted in his constant development of technology, which prompted then-Deputy Mayor Stewart to amend the $ 5,000 budget to explore how the city could integrate cryptocurrency for city dwellers.

At the end of the study, the city found that it does not want to invest in cryptocurrency because the current market is too volatile to invest. However, he challenged his third-party payment provider, Invoice Cloud, to find a way to integrate cryptocurrency as a payment method.

The call resulted in a partnership with PayPal.

“PayPal takes the risk and converts the market, and then simply sends Chandler a cash payment for utilities, eliminating any risk of market volatility for Chandler,” Lang said.

Although Chandler is starting to pay for utilities, he hopes to expand to other services.
The city is working with PayPal to analyze cryptocurrency payments from other PayPal Checkout payments, which may include a bank account or credit card, to assess program usage and performance.

According to Forbes, cryptocurrency is only a digital, encrypted and decentralized virtual currency. There is no central body for cryptocurrency, which means that its value and management belong to its online users. Lack of regulation and authority creates an unstable and complex market for those unfamiliar with it.

“The easiest way to explain this is that it’s a form of virtual currency, and its price depends on the market at the time,” Leng said. “Management is through a secure virtual wallet.”

Unlike a physical currency, such as the US dollar, the value of a cryptocurrency is constantly changing, as are shares traded on Wall Street, but with even greater risk.

There are several types of cryptocurrencies – more than 18,000 in the world as of April. Among the most popular – Bitcoin, Litecoin or Ethereum. These are the only ones that Chandler accepts to pay for utilities.

As for the city’s future in cryptocurrency investment, Lang said: “Everything is possible in the world of technology and innovation. As the use of cryptocurrency becomes normal and policies, procedures and laws are implemented, anything is possible.