Arizona residents will be able to pay taxes in bitcoins

Arizona could become the first state in the United States, whose residents will soon be able to pay taxes with bitcoin and other cryptocurrencies. The relevant bill was passed by the state Senate this week, writes the Daily Express.

The bill was supported by 16 senators, 13 legislators opposed its adoption, but in the end the margin of three votes was enough for the adoption of the document. The bill will now be sent to the Arizona House of representatives for further consideration.

At the same time, in January, representatives of the Senate Finance Committee with a margin of only one vote (4 “for”, 3 – “against”) also approved the text of the bill.

As noted by the representative of the Republican party Jeff Weninger, changes in the tax legislation of the state are aimed at making Arizona a comfortable place of residence for users of new technologies. He also believes that in this way Arizona sends a signal to everyone in the US and the rest of the world that in the future the state will be open to blockchain and digital currencies.

At the same time, the representative of the Democratic party Steve Farley warns that the bill shifts the “burden of volatility” of bitcoin prices to taxpayers who will continue to use the us dollar.

“This means that the funds come to the state, and after that it is the state that is responsible for the further conversion of [cryptocurrency],” he said.

In April 2017, Arizona passed a historic law on smart contracts and blockchain technology, authored by Jeff Weninger. In particular, the law legalizes digital signatures created using blockchain technology, as well as “smart contracts”.

At the same time, in December 2017, the UK Tax service stated that it does not consider cryptocurrencies as an acceptable form of payment of invoices.


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