On 8th February 2018, the Arizona Senate has passed a bill that allows the U.S citizens in the state to pay their taxes through Bitcoin and other cryptocurrencies.
As earlier reported by the media, last month a group of policy-maker submitted a bill that, if passed, would allow taxpayers to utilize Bitcoin or other cryptocurrencies in order to pay tax, any interest & penalties to the state’s Department of Revenue. The Department, in return, would have 24 hours to exchange those payments to U.S. dollars.
According to the public records, the Senate passed the bill on 8th February 2018 by a 16-13 margin, with one no-vote. The measures have been sent to the state’s House of Representatives for further consideration.
Although the measure’s success is dependent on the approvals are given in that chamber, as well as any promising resolution mandatory if the House & Senate finally pass different versions, the successful vote promises well for its final passage. Late last month, policy-makers on the Senate’s Finance Committee cleared the bill by 3-4 votes.
Arizona State speaker Jeff Weninger, one of the co-sponsors of the bill recently told Fox News that the tax measure is aimed at making the condition a compliant place for clients of the technology.
He told the news service:
“IT’S ONE OF THE BILLS THAT WE’RE RUNNING WHICH IS SENDING A SIGNAL TO EVERYONE IN THE UNITED STATES, AND POSSIBLY THROUGHOUT THE GLOBE THAT ARIZONA IS GOING TO BE THE PLACE TO BE FOR BLOCKCHAIN AND DIGITAL CURRENCY TECHNOLOGY IN THE FUTURE”
Ricky Makan is a venture capitalist and Crypto Enthusiast best known for pioneering the market for Digital Marketing. He is a Co-founder of Unkrypted, a platform which provides the latest news and information that helps understand everything about the ever-evolving world of digital currencies.