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
Thanks..although Im dubious this gets adopted. Crypto's are pretty volatile for large tax payments. 1 day can be 10-20% different right?
It'll be pegged to USD so the gov't has little exposure to risk.
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Right now we can't expect it to run as smoothly as we expect it to run in the more distant future. With that said just the fact that they are interested and trying to implement a way to give crypto currencies another use case at the state level is great for real mainstream adoption
Automatically the demand for cryptocurrencies will increase then more market value for the crypto, let's invest in coins earlier for better profits.
Great news, now if they could make some laws applicable to the nature of crypto markets that would be great
Wow, what a great way to trade......... The people needs to be more informed about how it really works... Thanks!!
Thanks man Awesome post :)
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That’s pretty neat! I wonder what exchange they will use, or if they will have exchanges bid for a contract with the state.
Thanks man Awesome
Good news.. Here our gov banned bitcoin even passing a law against cryptoes business as they cant come in tax circle..
That is insane. A big step in the right direction for crypto! We just need a state with a little more pull to follow in suit like CA, TX or PA!
This is a good move and which is going tonadd kore value to Cryptocurrency in general. Nigeria trying to adopt it usage too, i just pray it works for good.
Helpful post dear @jrcornel
Great to see this finally happening. Blockchain based payments simply make sense, and will be much easier than FIAT once it becomes widely adopted.
Thanks for the great update!
Hope that all goes well from here on out fingers crossed
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If this is done, it will be very great for everyone because this will entail many things, such as the appreciation of some of the currencies that will be the project or the payment of taxes through which
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Even without this post i have notced nations that has looked into it as a legal tender countries like germany,Japan,russia e.t.c so getting this update is really a boost up for bitcoin not just in the crypto market but also in its value which will see a massive push up and i guess it would be time for investors in bitcoin and other suppose legalize crypto currencies to get back on their monetary feet. Good update and am looking forward on how this will enhance the value to bitcoin .thanks @jrcornel
I was hoping to read they passed a bill that allows FBI to extradite incompetent pizza boys posing as exchange owners...
This is massive news! Hopefully this will have a domino effect and more states will follow,
Really hope this boosts adoption!
It is really great news! I also wrote a blog about this subject https://steemit.com/cryptocurrency/@nour-money31/arizona-moves-to-allow-residents-to-pay-taxes-with-bitcoin
We will soon see a rise in this technologies!!
I wrote an article related to this topic (regarding establishment and government recognition of cryptocurrency) that digs into the awkward "adolescence" of Bitcoin as it makes its way to adulthood:
https://steemit.com/bitcoin/@xsid/bitcoin-is-growing-up
I have to admit that I am blown away by the forward thinking being shown here by the state. At a time when so many governments are still trying to decide on the legitimacy of crypto and in some cases the legality of it we have the state of Arizona saying that, not only do they endorse crypto but that they are going to become active participants in the market. I am happy that there was a clear acknowledgement of the fact that the currency would need to be converted to real cash very quickly. Although as we have all seen with the current volatility of the market it doesn't take more than a few hours for the market to see a drastic shift in either direction. I have publicly wondered about how companies will deal with this volatility as they start to accept crypto payments more and more. It will be interesting to watch as this develops further. How will the government react when, not if, but when the time comes where they end up on the low side of a sudden market shift. I hope that doesn't translate into a negative impact on the crypto market. Stay classy Arizona and good luck. Thanks for the great update @jrcornel
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Great news other states will follow Arizona very soon
Lol. I know some people are happy. If not for the dip in the market prices all would be great. Joy
paying taxes in bitcoins ...thats progressive on the part of arizona ..thanks for keeping the community informed
One step closer gang :)
It will be interesting to see where this leads. I personally think there are already some states that are posed to be a "blockchain hub" or "crypto hub" and that's Washington State. Wenatchee, WA has multiple hydroelectric dams in the area on the Columbia river, this allows them to get power as low as $0.02 - $0.03 kw/h which is some of, if not the lowest price in the US. Two or three of the largest bitcoin mining operations in the world are in that city. I understand that it's just one city, but with 34 or more dams in the state that are used for hydroelectricity, it really could be a boom for the state. And if the state choose to embrace it, they could essentially become a "hub" as well. Maybe they don't want to be the first though. Who knows. Again it will be interesting to see where things with AZ go.
Trying to be a first adopter like Kodak... a few years too late.
Bravo Arizona! As I always say: you can't stop evolution! The current monetary system is outdated and base of many horrible things that bankers and superwealthy plutocrats do in the world.It is time to change that,so I welcome any good news which talks about cryptos getting into the mainstream!
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Looks like if anything they're trying to take advantage of the new technology and being the first state to really support it. Maybe the thinking is Arizona can be crypto's Silicon Valley. Either way, it's good news that we have some in government who support it. Now if they can just get it so I don't have to throw tons of money away to taxes when I trade...
That's great for Bitcoin. Also is great for all citizens. Money from cryptocurrencies will pay some taxes that will benefit the average Joe who can't put together 15k to invest in something as volatile as crypto.
great news. Definitely a step forward for cryptocurrency and it's longevity.