Get Into Cryptocurrency Trading Today
Interest in cryptocurrency is continuously growing and lawmakers everywhere are looking to regulate Bitcoin
and other virtual currencies.
In the United States, Arizona is now looking to become the first state to accept Bitcoin as a form of tax payment. The state has already passed one bill and has plans to give a reading of a first draft ICO
With this, it’s looking like the Grand Canyon state is becoming a prime location for cryptocurrencies.
A Warning to the World
Lately, bills designed to designate cryptocurrencies
as legal tender have been making their way into the state’s legislature. Among them, bills SB1145 and SB1091 are concerned with regulating the use of cryptocurrency as a form of tax payment.
One of the bills has already been passed before the Senate Committee of Finance earlier this year. On June 2nd, Bill HB2601 will be given its first reading in front of the House of Representatives and then one month later, the second reading will take place.
Recently, Arizona representative, Jeff Weninger, made a statement concerning the bills. “We are warning all Americans, and the rest of the world that in the future, the state of Arizona will be a prime location for Blockchain
technology." Within the next 5 to 10 years, Blockchain technology is expected to completely re-write the world of finance.
If passed, the bill will facilitate the way people pay their taxes. People will be able to pay their taxes at any time without the need of using fiat currency.
Different Opinions on the Issue
Jack Biltis, a businessman from Phoenix, believes that cryptocurrencies are the future of finance. His company pays its employees in Bitcoin and he is convinced that eventually, Bitcoin and Blockchain technology will replace the current way people are paid for their work. Thanks to this new tech, money can be transferred instantly and at a significantly lower cost.
Biltis, also, wants the state to get involved and help encourage the growth and use of Blockchain technologies. According to him, the history of cryptocurrencies is identical to the first days of the internet. Things were a little bit scary at first, but 20 years later, the internet is used worldwide and has vastly changed the way information is shared.
On the other hand, there are still many who remain skeptical about cryptocurrency. Among them, Steve Farlay raises concerns about the instability of Bitcoin. He believes that by allowing citizens to pay taxes with cryptocurrency, the state would be putting taxpayers at risk. By adopting the new legislation, Arizona would then become responsible for the exchange of cryptocurrency. According to Farlay, the US dollar should be plenty enough for citizens to pay their taxes with.
First but Not the Last
Across the US, opinions are still quite diversified on the use of cryptocurrency. Some have already adopted measures to use the currency, while others remain spectators.
In Tennessee, State Representative, Jason Powell recently tabled a bill to accept Blockchain technology to settle financial contracts. This, in turn, demonstrates Tennessee’s positive stance on cryptocurrency and its desire to become a leader in Blockchain technology. Also, authorities in Tennessee and Kansas have mentioned that for them to use cryptocurrency, no licensing is required beforehand.
The state of Montana, on the other hand, has still not adopted any laws regarding cryptocurrency and there is no indication of any in the future.
In New Hampshire, although there are stringent restrictions on the use of Bitcoin, a new bill was recently passed to protect the cryptocurrency from any form of repressive regulations.
Back in 2016, a similar project was rejected due to the same concerns about to volatility of Bitcoin. However, Eric Schleien, the state Representative for New Hampshire, recently explained that there is no risk to the state. To eliminate any concerns about the volatility of the cryptographic market, Schleien says that the conversion of Bitcoin to US dollars will be fully automated.
In Arizona, if the legislation is passed, within two years, the state will be able to collect taxes in Bitcoin.
Buy & Sell Cryptocurrency Instantly