The State for Change – Arizona is pioneering the acceptance of BTC for tax payments

It’s been a good week for bitcoin – a price surge, predictions of 40x growth for the virtual currency and now, news of BTC being potentially accepted for tax payments in Arizona.

According to this Cointelegraph article, the Senate Bill 1091, which intends to enable cryptocurrencies for tax payment, was introduced Jan. 10, 2018 and passed by the Senate Finance Committee by a 4-3 vote on Jan. 24. On Feb. 8, the Senate passed the bill by a 16-13 margin, with one no-vote. The bill has been sent forward to the House of Representatives to arrive at a final outcome.

Jeff Weninger, Arizona State Representative, was a co-sponsor on the bill and has sponsored several similar bills. He intends for Arizona to be one of the leading US states in the acceptance of digital currencies and blockchain technology.

“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,” he told Fox News.

Even as mainstream acceptance for the cryptocurrency grows, there are still those who oppose the integration of bitcoin into the pre-existing and established payment system. Arizona State Senate Minority Leader Steve Farley was quoted to have said that all taxpayers would be at risk if bitcoin experiences a crash.

The World Economic Forum predicted that the first tax payments to be collected using blockchain technology would be in 2023. Should this Arizona bill be passed, taxpayers could be using blockchain to pay taxes in just two years from the date of passing.

Be the first to comment

Leave a Reply

Your email address will not be published.