Cryptocurrency gains more adoption mainstream, as the Arizona House of Representatives is close to approving a bill that will allow citizens to pay their taxes in Bitcoin and related crypto-based assets. If approved, it will make Arizona the first state in the US to accept taxes via crypto. Lawmakers have expressed enthusiasm for this new digital marketplace, and are supportive of Arizona becoming one of the leaders to take advantage of blockchain and the cryptocurrency industry.
The text of the bill outlines that the state department will allow peer-to-peer cash systems to be used and converted to US dollars within a 24-hour time period after receipt and will credit taxpayers’ accounts with the equivalent dollar amount. Republican Rep. Jeff Weninger, a co-sponsor of the bill, has been enthusiastic about the future state and progress of blockchain.“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.
The bill was passed in the state senate on February 8th and has been forwarded to the house of representatives for review. If approved, citizens of Arizona state will be able to pay their taxes with cryptocurrency, starting in 2020. Nevada has also become the first state to ban blockchain taxes in June, and New Hampshire, who signed a bill into law that exempts cryptocurrency traders from the states money transmission regulations. This is the start of what is sure to be a growing trend with other states following suit in order to take part in the massive transfer of wealth involved in this new financial marketplace.