Your Infopedia

US Tax Payment in Bitcoin, Ripple or Ethereum

Suraj

February 11, 2018

Uncategorized

 

 

 

 

 

A bill was passed by Arizona Senate early this week which could allow using Bitcoin and other cryptocurrencies like Ripple, Ethereum, etc to pay their taxes by residents in the state.

Breakdown

The bill was passed by the margin of 16-13 which will enable all the taxpayers to use Bitcoin and other cryptocurrencies for paying their taxes and other dues to the state’s Department of Revenue.

The measure has since been sent to the state’s House of Representatives for further consideration.

The success of this movement is fully dependent on two things, first is the approval in the chamber, and another one is if any possible settlement required if the House and Senate pass different versions, the successful vote forecasts that the law could come into place.

lawmakers on the Senate’s Finance Committee cleared the bill by a 4-3 vote in January.

Jeff Weninger of Arizona State Republican said, “the tax measure is aimed at making the state an accommodating place for users of the technology.”

And he also mentioned that it is a signal for everyone not only in the United States but to the whole world that Arizona is going to be the place to be for blockchain and digital currency technology in the future.

Well if we see the market trend prices of bitcoin is too volatile. In a month it lost more than 60% of its value but if we see last 1-year graph it is still in a positive node.

Once a taxpayer pays his due to state then the state has to take the responsibility how to exchange it.

It is really a welcome movement and a small initiative like this will help crypto market and crypto traders. And as per our view blockchain is the future.

So sooner or later all banks will have to accept it.

Please share your views on this in the comment section.

 

Image Source: Google.com

 

Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Related Posts

ABOUT RBI(RESERVE BANK OF INDIA)

                         ABOUT RESERVE BANK OF INDIA(RBI) The Reserve Bank of India (RBI) is the central bank of India, which was established on April 1, 1935, under the Reserve Bank of India Act, 1934 The Central Office of the Reserve Bank was initially established in Calcutta but […]

Read More

All About Punjab National Bank & Nirav Modi Scam

    The latest PNB and Nirav Modi fraud case shocked the whole nation and mocked Indian Government led by Prime Minister Narendra Modi. Who always vouched for corruption free nation. Punjab National Bank (PNB) unearthed Rs 11,300 crore scam on Wednesday, one of the biggest banking scams in the country. Punjab National Bank also lodged a […]

Read More




December 2018
M T W T F S S
« Mar    
 12
3456789
10111213141516
17181920212223
24252627282930
31