THE Arizona Senate passed a bill early this week which could permit its residents ter the state to use bitcoin and other cryptocurrencies to pay their taxes.
A bill wasgoed passed ter the state of Arizona by a 16-13 margin which could enable taxpayers to use bitcoin and other cryptocurrencies ter order to pay “tax and any rente and penalties” to the state’s Department of Revenue.
The measure has since bot sent to the state’s House of Representatives for further consideration.
While the measure’s success is dependant on both approval ter that chamber, spil well spil any possible settlement required if the House and Senate pass different versions, the successful vote forecasts that the law could come into place.
Te January, lawmakers on the Senate’s Finance Committee cleared the bill by a 4-3 vote.
Arizona State Republican Jeff Weninger said the tax measure is aimed at making the state an accommodating place for users of the technology.
Cryptocurrencies could be used to pay US state taxes te Arizona under fresh law
He said it wasgoed a signal to everyone te the US and via the world, that Arizona wasgoed going to be the place to be for blockchain and digital currency technology ter the future.
Arizona state senator Steve Farley, a Democrat who is running for Governor, said, however, the bill puts the &ldquo,volatility cargo&rdquo, of bitcoin&rsquo,s price on taxpayers who make payments te US dollar.
He said: &ldquo,It would mean that the money goes to the state and then the state has to take responsibility of how to exchange it.&rdquo,
This comes after Bitcoin fell to one of its lowest points te two months on February Five, trading at $Five,947.
Risks te the marketplace were high te early 2018 which lead to more rente from investors who witnessed a potential for big gains te cryptocurrencies.
Cryptocurrency price: A year ter charts
Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year
LiteCoin is going down with the market dip [coindesk.com]
But cryptocurrency accomplished Joon Ian Wong warned bitcoin could still be on track for further falls after experiencing dramatic plunges earlier this week.
He said: “Even the most ardent bitcoin supporter wouldn&rsquo,t deny that it&rsquo,s greatly inflated at the ogenblik te terms of valuation.
&ldquo,It’s come down a loterijlot from the December highs but it&rsquo,s still eight times higher than it wasgoed around 12 months ago.
&ldquo,There&rsquo,s an argument to be made that there is further to fall.”
Bitcoin&rsquo,s current price has gained a very neat 41 procent increase – $Three,400 – from its earlier low but the northernly trajectory has flattened leading to fears that it wasgoed not a recovery but rather a improvised rebound from an extended decline.
The Arizona Senate passed the bill early this week
Mr Wong added that despite the positive aspects of bitcoin and raving review from volgers, the cryptocurrency still fell behind traditional currencies like the dollar and the pound ter regards to common use.
Speaking to the Big black cock Radio Four’s Today programme, he went on to add: “On the one mitt bitcoin is kleintje of a digital gold, a store value.
“On the other palm, it’s a welvoeglijk medium of exchange but not spil good spil the US dollar or the sterling.”
Bitcoin&rsquo,s price may soon come under further regulation from the European Central Bankgebouw spil concerns around cryptocurrencies grow among financial policymakers.
The measure has since bot sent to the state’s House of Representatives for further consideration