Monday, February 12, 2018

Arizona becoming a place where gold, silver, and now cryptocurrencies are welcome

On Feb. 8, the Arizona State Senate passed a bill which would allow residents to pay their tax obligations in Bitcoin.  And while this law still has to be ratified by the House and Governor's Office, the move continues an ongoing process for Arizona where alternative forms of money are becoming welcome.

The Arizona Senate passed a bill on Feb. 8 to allow residents in the state to pay their taxes with cryptocurrenciespublic records indicate. 
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 now been sent to Arizona’s House of Representatives. 
If the bill is adopted, Arizona would become the first state in the U.S. to accept cryptocurrency tax payments by the year of 2020, as stated on the public record. The bill would allow taxpayers of the state to use “a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency recognized by the department, using electronic peer-to-peer systems.” – Coin Telegraph
Back in May of last year, Arizona signed into law a bill that recognizes gold and silver as money, and removed state taxation on the purchasing and sale of precious metals.  And coupled with the strong likelihood of their Revenue Office soon accepting Bitcoin as payment for taxes, it prepares the way sometime in the future for a return of Sound Money use in their local economy.

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