Two steps down, one more to go
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/
Follow me: @jrcornel
This is a great sign for what's to come! About the only thing fiat has over crypto is legal tender. When crypto such as Bitcoin can be used to settle debt in the court of law, then we have a game changer! Using Bitcoin to pay taxes is a huge step in the right direction. I'm only about 3 months in to the crypto market, but I have learned quite a bit. I didn't like bitcoin at all from almost the first day. I learned about the processing times and fees as well as the scalability problems and use case issues among many other things. It wasn't until Friday that it became clear to me why Bitcoin has value and is here to stay! Check out my article if you're interested in my opinion of Bitcoin and why I truly believe it will never go to zero! Thanks for the post!
https://steemit.com/bitcoin/@brettcalloway/why-bitcoin-will-never-go-to-zero-it-s-a-treasure
There have been several instances already of people purchasing homes using bitcoin. Most recently I read about a guy who sold his house for bitcoin and is now going to travel the world, assuming the price of bitcoin still supports his expenses. I believe progress is being made towards using cryptocurrenies being accepted as a valuable asset.
Finally, someone in government understands that the future does not include fiat.Its really not about how you personally are choosing to pay. Its about the fact that blockchain tech is evolving and is being accepted . And thats what we need for crypto to grow!
Agreed.
You look so familiar, probably coincidence.
Wow
An article from Bloomberg highlights that there are politicians engaged in the discussion, but primarily it’s an issue concerning whether or not an alternative to trust is necessary when trust is not outdated.. I think improvement should be welcome whether or not processes are outdated.
What do you mean by trust is not outdated?
Trust isn't outdated, at least by the article's standpoint, as in, the government has every one's confidence in their system. The population doesn't have a need for an authority-disrupting financial tool, so they say. My question is, do you believe that? I certainly don't.
This is good news. Good thing some Senators have brains to at least understand "technology"
This is great news. Works a lot better than gov's accepting gold since the crypto can be instantly converted to cash using coinbase/litepay or whatever. If this passes expect other states to follow suit. Even if it doesn't pass, it shows people that "maybe there's a little something to it after all."
For years I thought the whole thing was a joke/scam but once the futures market allowed it and some fund managers in Barron's (Bill Miller amongst others) starting talking about it, I realized that this is real.
nice post...
Thank for sharing information...
It would be so cool if the government accepts cryptocurrencies. It'll help raise the price and benefit us all.
This is A Big Deal.
Fingers and toes crossed.
government should not put taxes at such high ratio