Can a cryptocurrency be used to pay your taxes?
The answer to that is dependent on whether or not anyone is paying attention to what is happening in Arizona where the state senate passed a bill that would allow
residents to pay their income taxes using Bitcoin or other cryptocurrencies “recognized” by the state’s revenue authorities.
Of course, the one concern is volatility so:
The Arizona Senate bill includes a provision mandating that cryptocurrency payments be converted to U.S. dollars within 24 hours of their payment.
This is a significant step for cryptocurrencies -- at least, on paper. If one state takes a chance like this, many could follow. But it seems unlikely without a current mindset that regulations are needed. Nonetheless, it's an interesting first approach.
Thoughts?
nice article
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