A new bill passed in the Arizona Senate will allow residents of the state to pay their taxes in bitcoin.
The bill, which is now being sent to the Arizona House of Representatives for approval, would make Arizona the first state to accept digital currency as a method of payment for taxes.
Arizona State Republican Rep. Jeff Weninger, one of the co-sponsors of the bill, expressed his enthusiasm about Arizona becoming an American hub for blockchain and cryptocurrency activity.
“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,” Weninger said.
According to the text of the bill, it may not just be Bitcoin that will be accepted. The bill suggests that other cryptocurrencies such as Litecoin could also be accepted:
A payment gateway, such as bitcoin or other cryptocurrency, using electronic peer-to-peer systems. 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.
The Arizona State Senate passed the bill on February 8. The bill now needs to be passed in the House of Representatives. If the bill is signed into law, residents of Arizona will be able to pay taxes in cryptocurrency starting in 2020.
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