The United States is slowly bending towards the crypto revolution. A bill named NH HB470, which is the legalization of Bitcoin utilized for payments of state fees and taxes is currently being examined. A decision is said to be made by March 14th.
The bill is sponsored by Republicans Dennis Acton and Michael Yakubovich and is for the state of New Hampshire. It originates from an idea way back in 2015.
The bill states that due to market volatility and cryptocurrency fluctuations, the bill payments will be converted to fiat US dollars. It will processed through a third party payment system. If all works well, state agencies will accept cryptocurrencies to be used to pay fees and taxes from July 1,2020.
New Hamsphire has already seen alot of positivity in businesses utilizing cryptocurrencies. In October, 2018 a New Hamsphire car dealership accepted Dash as payment for a car.
New Hampshire also became the first state to protect cryptocurrencies from regulation thanks to the pro crypto Governor of New Hampshire, Chris Sununu.
The United States is divided on their decisions about cryptocurrency, and so every state is taking their own paths. States such as Wyoming have already demonstrated their public fondness for cryptocurrencies.
As for Ohio, they already accept Bitcoin payments for taxes through an online portal. Ohio partnered up with BitPay to convert Bitcoins to fiat US Dollars. Major companies such as Overstock have already utilized this option of tax payments.
Such tax paying methods, in fact greatly influence cryptocurrency companies to pay taxes as much of their holdings are in cryptocurrencies. Hence since there is a major revolution of the digital coins taking place, the world needs to consider cryptocurrency being used to pay taxes.
Image Source – Wikimedia
Image Credit Recent media reports suggest that Cole Diamond, CEO of Canadian crypto exchange Coinsquare,…
PayPal has been a forefront for lots of cryptocurrency traders when it comes to…
Not too long ago, the financial industry was completely revolved around sovereign currencies, physical money,…
The growth in awareness and understanding of cryptocurrencies has brought more options for their use,…