Two days ago, the Arizona Senate passed a bill that would enable residents to pay taxes in bitcoin.
Actually, it's more than just bitcoin.
The bill would allow residents to pay their taxes in a number of different cryptocurrencies, including bitcoin and some of the more popular coins.
Public records show that the bill passed by a 16-13 margin.
Some details:
A group of lawmakers submitted the bill last month that would allow residents to pay taxes in cryptocurrency to the Department of Revenue.
The department has no plans of holding those cryptocurrencies though as they would have to convert those cryptocurrencies to dollars within 24 hours.
The bill first passed the Senate's Finance Committee by a vote of 4-3 in late January.
Then, the vote passed the Senate a few days ago with a vote of 16-13.
Next up, the vote is being sent to the state's House of Representatives for final consideration.
The state of Arizona to be a blockchain hub?
One of the co-sponsors of the bill, Jeff Weninger, told Fox News that the bill is aimed at making the state an accommodating place for users of this technology.
Specifically, Weninger had this to say:
"It's one of a litany of bills that we're running that is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for blockchain and digital currency technology in the future."
A step in the right direction in terms of adoption?
This is a step closer in getting Bitcoin (and other cryptocurrencies) recognized as a form of payment as opposed to just an asset, which would make it's adoption that much easier, especially with out it would be treated in regards to taxes.
Good on you Arizona, I hope you become the crypto/blockchain haven that you are hoping to become!
Stay informed my friends.
Source:
https://cointelegraph.com/news/us-arizona-senate-passes-bill-to-allow-tax-payments-in-bitcoin
Image Source:
https://cryptocurrencynews.com/daily-news/crypto-news/arizona-bitcoin-cryptocurrencies-taxes/
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