Content adapted from this Zerohedge.com article : Source
Authored by Helen Partz via CoinTelegraph.com,
Great news for Bitcoin?
The Arizona Senate passed a bill on Feb. 8 to allow residents in the state to pay their taxes with cryptocurrencies, public records indicate.
The Arizona Senate is the first state in the Union to take up a bill which would enable paymens to the state in Bitcoin or other cryptocurrency.
If the bill is adopted, Arizona would become the first state in the U.S. to accept cryptocurrency tax payments by the year of 2020, as stated on the public record. The bill would allow taxpayers of the state to use “a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency recognized by the department, using electronic peer-to-peer systems.”
Aizona want to use Bitcoin as a "gateway" currency.
According to the bill, the Arizona Department of Revenue, upon receiving payments in crypto for “tax and any interest and penalties”, would be obligated to convert the cryptocurrency payments to U.S. dollars within 24 hours.
Are there a lot of Bitcoin hodlers in Arizona?
The Arizona House of Representatives can guarantee there will be more if it passes this bill.
Stay tuned.
Non-adapted content of this Zerohedge.com article:
https://www.zerohedge.com/news/2018-02-11/arizona-senate-passes-bill-allow-tax-payments-bitcoin
Good info , This could be start of something .
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This is fantastic news and I hope this becomes law in Arizona. I believe that most governments and central banks hate cryptocurrencies because they want to keep their monopoly over printing fiat money and don't want any competition, but the more widespread the use of cryptocurrencies becomes, that harder it will be for governments to try to ban them.
I also believe that as more important people in banking and government become HODLers themselves, the less likely it will be that governments will want to ban crypto assets. Surely they see that the value of fiat currencies will eventually go to 0, so it makes sense for them to protect their personal assets as well.
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thanks for share @zer0hedge
Many people get paid at tax time, like the poster on another site who explained that her family was getting $10,000 in child-tax-credit money. That is half of the yearly take-home pay in a $10-per-hour job, like licensed insurance sales or underwriting for most of the standard carriers. The refundable child tax credit maxed out at $6,444 before doubled by RepubliCON socialists.
On top of their free EBT groceries and taxpayer-subsidized rent in many cases, why doesn’t the US Treasury Department pay these citizens, legal and illegal immigrants for sex and reproduction with BitCoin?
It would be harder for the moms to blow the BitCoin on master bedroom furniture, $900 tattoos or beach trips to entertain boyfriends, bragging about it at work to single, childless citizens who must cover all of their bills on earned-only income, with a tax return that only covers a Costco membership.
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I really hope the Arizona government are not hoping that all the so called illegal activities people are using cryptocurrancies for , drugs prostitution, arms deals etc etc, will not result in the said people now rushing to pay tax on them - think they might be left waiting for a long time !
The bill also says use of crypto recognised by the government - as far as I can work out no government has admitted to recognising any crypto as they don't like what they cannot control
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Paying taxes through cryptocurrency is great news for the public and blockchain. Cryptocurrency is here to stay, all these signs speak for themselves. Arizona has given tax payments through cryptocurrency a first step. The future is bright with cryptocurrency. Lets hope more states and nations adopt this policy.
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Holy crap. This is huge. USD is backed partly by the fact that you HAVE to pay taxes with USD. Now you can pay with Bitcoin? Insane.
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subsidiary works.
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Only a stupid person would accept Bitcoin as a payment for their business. The wild price fluctuations and plunges makes it nearly impossible to price your goods/services in bitcoin, you would either lose a fortune, or have pissed off customers who feel they have been ripped off and leave your company negative reviews.
Either way businesses and governments will get screwed. Bitcoin is simply too unstable as a currency and payment method. Sorry if I burst your bubble.
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You dont need to hodl bitcoin. You can convert it to FIAT pegged crypto or FIAT itself same moment you got your payment and avoid crazy fluctuations.
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They’re just providing another payment option, likely because tax revenues are down despite the so-called increase in employment.
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thanks for sharing dear, a wonderful post,
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The information is very interesting @zer0hedge, now bitcoin already in receipt of Government in paying taxes, this will really help the miners bitcoin
Although some countries prohibit the bitcoin.
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now bitcoin is populer currency and more and more ban it unfortunatly! but now arizona senate allow it pay tax !
yaah arizona want to use it it as agteway!
thank you for informing us! bitcoin price will be increase soon !
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Wow, this is huge! I'm really happy to hear that governments are on the good track with cryptocurrencies!
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Good work
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These news are just another nail in Bitcoin's... ladder!
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this news will certainly have a beneficial effect on btc that will surely climb in the coming days
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Are you telling me I'll be able to exchange all crypto to USD in the future?
No Neo, Im telling you that in the future, you wont have to!!!!
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Very good post and very inspiring. Always success @zer0hedge 👍👍👍
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That´s another great news for the crypto world, let's just wait a little bit more to see if this bill passes... as you said more will occur if that's the case.
This last days after the last dip on the markets have been so good for crypto, good news all over the world, and only ridiculous attempts to shut down cryptocurrencies.
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It's about time
Funny how the US government is holding hearings about crypto & ICOS creating the "crypto needs government regulation to protect you"discussion.
Then selling BTC it seized a few weeks ago on an auction to "unknown" bidders.
Hmm..
Funny how its all doublespeak when you think about it.
To quote the typical pro-tax folks
"well we need that tax money...for like...uh ...roads"
i like the idea but makes me wonder if they will accept Monero...(yeah right)
Great post @zer0hedge
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If that doesn't make it money I don't know what does
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@steemcleaners
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