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.
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.
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