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Arizona Considers Allowing Tax Payments in Bitcoin

Arizona, known for their love of innovation (in some parts more than others), has come up with a new way of paying your taxes.

The state’s House of Representatives is preparing to debate Senate Bill 1091 which would allow their state taxes to be paid in cryptocurrency such as Bitcoin.

If the bill becomes a law it could be enacted as early as 2020 and would allow citizens of the state to make payments using electronic peer-to peer systems.

The amended bill explains,

The Department shall convert cryptocurrency payments to United States Dollars at the prevailing rate within twenty-four hours after receipt and shall credit the taxpayer’s account with the converted dollar amount.

With all of the price swings in Bitcoin as of late who knows if this will even be beneficial in regards to their cryptocurrency alone, however the peer-to-peer payments in general seem like a smart idea.

Arizona State Rep. Jeff Weninger explained,

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. The ease of use, being able to do it in the middle of the night, being able to do it at home while you’re watching TV.

[via Mashable]

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