The Arizona Senate has passed a new bill to allow residents pay state taxes in Bitcoin.
The bill would make Arizona the first state to accept the cryptocurrency as a method of payment for taxes.
Arizona State Republican Rep. Jeff Weninger expressed his excitement about Arizona becoming an American hub for blockchain and digital currency activity.
“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,” Weninger said.
Weninger who co-sponsored the bill whose writing stated not just Bitcoin but other digital assets.
A payment gateway, such as bitcoin or other cryptocurrency, using electronic peer-to-peer systems. The department shall convert cryptocurrency payments to United States dollars at the prevailing rate within twenty-four hours after receipt and shall credit the taxpayer’s account with the converted dollar amount.
The bill is now headed to The House of Representative if passed into law, Arizonians will be able to pay their taxes in cryptocurrency as early as 2020.
People on social media were abuzz over the news.
Arizona Senate passed a bill to allow residents to pay their state taxes in Bitcoin. Remember all the haters who kept saying “let me know when you can pay your taxes in Bitcoin?” No one is going to stop this. History will be unkind to those who don’t believe in it. – @APompliano
Yes, that is one aspect. Another aspect is to pay any taxes owed with bitcoin. Personally think few people will choose this route but it is an important step to legitimacy for the government to accept it for taxes – @APomliano
History is rife with people mocking the value of new platforms. Whenever I’m tempted to do so, I recall quotes like this: “Well-informed people know it is impossible to transmit the voice over wires. Even if it were, it would be of no practical value.” – Boston Post, 1865 – @BGGthoughts