The ones US States Are Racing to Collect Taxes in Bitcoin

Adam James · February 8, 2018 · 3:00 pm

As Bitcoin becomes more and more viable, states like Tennessee and Arizona are racing to go cryptocurrency-friendly regulation with the intention to change into the blockchain capital of the country.

On the Books

Bitcoin’s quest for legitimacy is set to be aided significantly by way of the state of Tennessee, which appears to be to officially accept virtual cryptocurrency expenses for financial transactions.

Tennessee bitcoin

Even if it’s in recent times now not illegal to behaviour trade transactions with Bitcoin in The Volunteer State, Democrat Rep. Jason Powell want to lead the velocity in officially recognizing expenses with digital currencies as prison. In a presentation on blockchain generation from Jan. 24th, Powell outlined:

We don’t appear to be merely competing with other states throughout the generation and the gap, we’re competing with the sector. In making sure that Tennessee has vital blockchain regulation, it’s in fact essential to say that Tennessee is supportive of this period and we want to be a leader in this innovation.

In keeping with The Tennessean, the crypto-friendly bill targets now not easiest to legitimize cryptocurrencies and smart contracts for virtual transactions however as well as “protect ownership rights of information secured by way of the identical methods.”

Arizona to Accept Bitcoin Expenses for Taxes

Tennessee isn’t the only state looking to legitimize Bitcoin and other cryptocurrencies. The state of Arizona is also looking to fill their cryptocurrency coffers.

State legislators have proposed bills aiming to every recognize Bitcoin and other cryptocurrencies as foreign exchange—as opposed to a commodity—and allow state taxpayers the facility to pay their taxes with Bitcoin. In keeping with Rep. Jeff Weninger:

It’s for sure certainly one of a litany of bills that we’re running that is sending an indication to everyone in america, and possibly throughout the sector, that Arizona is going to be the place to be for block chain and digital foreign exchange generation sooner or later.

Paying taxes with Bitcoin

Rep. Weninger is all aboard the cryptocurrency train, claiming Bitcoin’s use for paying taxes is obviously clear. Says Weninger:

The benefit of use, with the ability to do it in the middle of the evening time, with the ability to do it at area when you’re gazing TV … I imagine in a few years this isn’t even going to be a question.

A Positive Outlook

The scoop out of Tennessee and Arizona comes after other states have already taken certain measures with regards to Bitcoin and other cryptocurrencies.

In June, New Hampshire passed a law exempting Bitcoin from the state’s money transmitter laws.

Cryptocurrency regulation in several states remains largely not sure. Then again, with many states vying to change into one of the crucial crypto-friendly, expect other states to watch move smartly with.

Do you’re residing in the united states and is your state planning on taking a pro-crypto stance? Would you be willing to pay your state taxes in Bitcoin? Let us know throughout the comments beneath!

Photos courtesy of Shutterstock, Bitcoinist archives, and Wikimedia Commons.

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