In Arizona you will have to pay taxes in bitcoins and other cryptocurrencies

In Arizona you will have to pay taxes in bitcoins and other cryptocurrencies

The Senate of the state of Arizona passed a bill that aims to allow residents of the state to pay taxes in bitcoins and other cryptocurrencies.

Last month a group of legislators introduced a bill that, if passed, will allow taxpayers to use bitcoins or any other cryptocurrency, for the payment of “taxes, interest and penalties” to the Department of revenue of the state. The Department, in turn, will have 24 hours to convert these funds into US dollars.

The state Senate approved the bill on 8 Feb. After that, the bill was sent to the House of representatives of the state for further consideration.

Although it is too early to speak about the successful completion of this initiative, but the bill the Senate is definitely a good sign

The representative of the state of Arizona, Jeff Winninger, one of the authors of the bill, and also initiated a number of related bills, one of which is associated with the use of blockchain technology, said recently in an interview with Fox News that the intent of this change in tax legislation is to promote the cryptocurrency, as well as creating new scenarios for their use.

This is one of many bills which we run and which are a kind of signal for everyone in the United States and perhaps around the world that Arizona is a place where welcome blockchain technology and cryptocurrencies.

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