Arizona May Allow Taxpayers To Use Cryptocurrency

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Fri Feb 09, 2018 8:08 pm

Arizona May Allow Taxpayers To Use Cryptocurrency

Lawmakers in Arizona are looking to make the state the first in the US to accept Bitcoin and other cryptocurrency as a legal form of payment for tax purposes. One bill that would make it possible to use crypto to pay for state income tax has already passed the Senate Finance Committee in January. Another bill that is “expected to regulate crowdfunding and initial coin offerings (ICOs)” will be heard by the Committee later this year. State Representative Jeff Weninger co-sponsored the legislation and said “We are 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.”

While he and others are confident cryptocurrency is the way of the future, others are not convinced. Arizona State Senator Steve Farley feels only traditional means should be used. “American dollars are good enough for me. They should be good enough for anybody else who pays taxes." Farley also feels “certain special interests get advantage” with the new proposed amendments and “the rest of us… get screwed."

If the legislation is passed, Arizona could begin collecting cryptocurrency for taxes within the next two years. ... ting-icos/

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