Sunday, February 11, 2018

Arizona Senate Approves Use of Bitcoin to Pay Taxes

The use case for Bitcoin just gained more traction:

Arizona Senate Votes to Accept Tax Payments in Bitcoin

"The Arizona Senate on Thursday passed a bill that would allow residents to pay their income taxes using Bitcoin or other cryptocurrencies “recognized” by the state’s revenue authorities. The law will next be considered by the state’s House of Representatives.

Accepting payment of income taxes in cryptocurrency has profound symbolic and practical significance. Historically, the use of government-issued currencies for the payment of income tax has helped guarantee those currency’s widespread adoption as a payments medium. Skeptics of systems like Bitcoin, which allow quick global payments but are not issued or backed by governments, have argued in part that their separation from government revenue structures reduces their inherent usefulness and, in turn, value." -- D. Z. Morris
This still has to pass the Arizona house and be signed by Governor Ducey, but the provision within the bill that cryptocurrency payments collected by the state must be converted into USD within 24 hours could make it easy to swallow by the rest of the state legislature and the executive.

One by one, the criticisms fall.

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