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Arizona to Accept Bitcoin and Cryptocurrencies for Taxes

Arizona

Another day, another cryptocurrency announcement. At this point, most countries, cities, and states appear to be divided into two parties regarding the cryptocurrency sector: those who support it, and those who are against it. Today, we found out where the state of Arizona stands within this discussion.

What Happened?

Arizona appears to be team cryptocurrency. The public has now been informed that the Arizona Senate has passed a new bill which states that residents in the state will be able to pay their taxes with both bitcoin and a variety of other cryptocurrencies. As one could guess, this news is pretty monumental. I mean, paying your taxes with bitcoin? Arizona just took one step into the future.

Today’s news is major, but it didn’t necessarily come as a total surprise. In January, reports surfaced that a handful of lawmakers in Arizona put forward a bill that would allow for taxpayers to use cryptocurrencies to pay “tax and any interest and penalties” to Arizona’s Department of Revenue. According to public records, the Arizona Senate gave the go-ahead on the bill yesterday. It was passed, reportedly, by a 16-13 margin. There was one no-vote.

It’s interesting that different parts of the world have such vast and different opinions on the cryptocurrency industry. While Arizona might be gung-ho about the sector, hence why they are allowing its residents to use the virtual currencies to pay taxes, there are other countries and cities that don’t want anything to do with this latest fad. Either that or countries think cryptocurrencies aren’t bad, they simply need more regulation. The United Kingdom, for instance, has the latter mindset. Just recently, UK Prime Minister Theresa May came forward and announced that the UK will be creating new cryptocurrency rules.

>>Read More About What People are Saying About Crypto Regulation

Moving forward, I think it will be interesting to see if the state of Arizona mentions where it stands in terms of having more cryptocurrency regulation.

Featured Image: freedomsphoenix

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