A traffic fines administrator from the city of Alberton, South Africa has started accepting payments in bitcoin. Drivers from all over the country who wish to pay their tickets with the cryptocurrency can now do so via this new service.
Cornelia van Niekerk, the owner of Fines 4 u, serves about 500 businesses and 8,000 individuals for whom she manages the restitution of traffic violations. She told local media that she has been interested in bitcoin since June this year, and wanted to offer people who share her interest another opportunity to use their bitcoin in South Africa.
The service allows clients to get a price quote in bitcoin for paying the fines which are denominated in South African rand by the traffic police. The transfer to the authorities will be done in fiat, just as any other fine payment, with Van Niekerk making the exchange. She believes that the value of bitcoin will rise with time so she is not afraid of short term depreciation during the process. It is promoted as a faster and lower cost option compared to bank transactions.
Pay Fines or HODL?
Lamborghini with a parking ticket
As you might imagine, not a lot of people are eager to give away their bitcoin these days when its exchange rate against fiat currencies is rising so fast. Indeed, since Van Niekerk started advertising that her service accepts bitcoin, she has yet to complete any fine payments with the cryptocurrency.
Nevertheless, the offer has made a lot of buzz for the company and attracted much attention from people who want to learn about using bitcoin in South Africa. “I deal with many clients on a daily basis, many of whom are big businesses. Suddenly everybody wants to get more information from me about bitcoin,” the owner said.
Would you spend bitcoin on paying fines, or are you too fast for the cops in your bitcoin lambo to begin with? Tell us what you think in the comments section below.
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Source : Bitcoin