Contrary To The FUD...Bitcoin and Other Cryptocurrencies Could Soon Be Legitimately Money Via Legislation!!!

Based upon the price action and the media reports the last 5 weeks, you would think that cryptocurrencies were just about dead.

Actually, isn't that what Goldman basically said the other day?

Of course, we all should be well aware that what the media reports is often vastly different from what is really taking place. This fact is magnified in the cryptocurrency world since the banksters are so threatened by it.

Just yesterday, a little report vote took place that could have tremendous impact on Bitcoin and other cryptocurrencies. So while the MSM and other entities are demonizing, the Arizona State Senate passed a bill that might add might legitimize cryptocurrencies to the point where the attack dogs cannot reverse it.

In short:

The Arizona Senate has passed a bill that aims to allow residents in the state to pay their taxes with bitcoin and other cryptocurrencies.

Now before getting all hot and heavy, this still have to go through the State House and be reconciled if it passes. Plus, I can only presume the Governor is on board with this because, if not, that could stop it from becoming law.

Nevertheless, if this does go the full path, this is a death blow to all those government entities which are doing the bidding of the bankters to make cryptocurrencies appear illegitimate. If the residents of Arizona are able to pay their taxes with cryptocurrency, suddenly that becomes....money. As usual, Bitcoin is at the head of the list which helps in the familiarity factor.

It is hard from someone to call Bitcoin a fraud when people in Arizona are paying their real estate taxes in Bitcoin. Or to say that cryptocurrencies will disappear since they are worthless when companies are sending in their sales tax receipts in crypto.

This will really open up Pandora's Box. The IRS deemed cryptocurrencies to be viewed as securities. Funny how states tend not to accept stocks or other securities as payment for their taxes or fees. If Arizona adopts it, how long until other states get the same idea, or even the I.R.S.?

What is interesting is this is truly a payment system. The state will not hold onto the currency at all.

...if passed, would enable taxpayers to use bitcoin or other cryptocurrencies in order to pay "tax and any interest and penalties" to the state's Department of Revenue. The Department, in turn, would have 24 hours to convert those payments to U.S. dollars.

For full article:

https://www.coindesk.com/arizona-senators-pass-bitcoin-tax-payments-bill/

Again, it is a bit pre-mature but it appears that, for at least once in my life, a government entity appears to be doing something that makes sense. And this is wonderful news for the entire cryptocurrency space.

Of course, the Feds could take a different stance on this by continuing to demonize cryptocurrency and move to the banishment of it. This would be an interesting move since it would set up another state's rights debate just like with the maryjane issue.

The main difference is this is money. If states determine they can increase the percentage of taxes collected by accepting cryptocurrency, that is what they are going to do.

Ironic that with all the FUD, we see steps taken that are making cryptocurrencies more legitimate.

I wonder what Jamie Dimon and Warren Buffett think about that.

---

To receive the free basic income tokens you are entitled to and help end world wide poverty, please click the following:

Click For Manna Coins

In full disclosure this is a referral link

Pictures by Google Images