Arizona becomes the first state where residents can pay taxes in bitcoin

Arizona becomes the first state where residents can pay taxes in bitcoin

On 8 February the state Senate of Arizona passed the tax bill, which soon may enable its inhabitants to pay taxes in cryptocurrency.

On 8 February the state Senate of Arizona passed the tax bill, which soon may enable its inhabitants to pay taxes in cryptocurrency.

This is the first of three readings required for each bill according to the law of the state of Arizona. In the next stage the document will be considered by the House of representatives of Arizona. Support of the bill, Republican legislators increases the probability that it will pass through the House, which is ruled by the Republican majority.

The bill also says the state government should convert the cryptocurrency into dollars within 24 hours of its receipt.

The initiator of the bill Jeff Wendinger believes that this is a unique opportunity to make Arizona a comfortable place for users of new technologies and to attract new business to Arizona:

“In the future, Arizona will be a place for blockchain technology and digital currency . Ease of use, the ability to do this in the middle of the night, the ability to do it from home while watching TV. I think in a few years this won’t even be a question.”

If the bill passes through the state legislature, Arizona would become the first state to allow acceptance of cryptocurrency as a payment on account of the government.

Other States also introduced similar bills. For example, Georgia and Illinois are considering laws that would recognize the cryptocurrency as payment of taxes and license fees.

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