Bitcoin Forum

How true could this news be that the Arizona Senate in the United States of America has passed a bill which could allow residents in the state pay their taxes in bitcoin and other altcoins?

https://www.express.co.uk/finance/city/917015/bitcoin-tax-cryptocurrency-tax-bitcoin-price-cryptocurrencies-news/amp

Not sure it is true, they should write new regalutions about bitcoin and cryptocurrencies as such and only then allow pay taxes with crypto.

If you pay taxes on bitcoin, it should be a good thing for bitcoin, which has already recognized bitcoin status, which is good for the long-term development of bitcoin.

do not count your chickens until they hatch! if this is true then what are the advantages to the users after taxed?
I think this is only a discourse, but it is possible only to plan to regulate bitcoin but it is difficult enough to regulate bitcoin if its tax system is not clear because it can only benefit certain parties only.

Not sure if this is true, but those would be excellent news for crypto markets. Given the results of the last SEC meeting I would say it's possible because they were quite positive on crypto, and showed that they think crypto is here to stay, and they will not attempt to kill innovation, and are only concerned about scams and greedy people trying to take advantage of all this hype. I do believe we can already pay taxes with BTC in Japan, since its considered legal tender there. Since individual states in the US can pass different bills, maybe this is true. I sure hope so.

First, why ask the question here?  Why not do the research yourself to see if this is a credible story?  It's a simple task.

Second, I did the research, and it appears to be a legit story.  However, the bill was passed by the Arizona senat, and still needs approval by the AZ house of representatives.

Third, the state of Arizona does not represent the US.  So your title is misleading.

I have read that story as well on coindesk and I assume it is confirmed.
Jeff Weninger, a Republican member of the Arizona House of Representatives said about that bill: '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'.

I think it is a clever idea. When you are convinced that crypto currencies will be a big part of tomorrows economy like Jeff Weninger does, it is natural that you want to have it in your state today.
There is no better way to advertise for crypto businesses to settle in your state than to connect crypto currencies to the authorities with a bill.

I don't know how true this news is, but most of all I wonder how it will happen in practice. What kind of person would voluntarily carry the money to the authorities and will have to pay taxes?

paying taxes in bitcoin govt  is going to make good money in crypto reserves

Idea is okay since you have to pay taxes - they are high sometimes and that is what it is. Tho it is really hard to see who owns what amount of money given the fact that many people diverstify their cryptos on few addresses and what are we goig to do about those private related coins - such as XMR I can't see why would people come up to the gov and say I own XXXX Monero tax me!



Given the fact that they sold ceased bitcoins for auction I don't think that US gov is looking into stacking up their btc stash.

Probably this are just some fake news to boost the price of bitcoin after this big fall. I dont think governments would accept bitcoin as a payment method because it is to complicated and they would lose a pretty big percentage when they exchange the bitcoin into fiat. There is possible that a single city to accept bitcoin if the mayor works with bitcoin and knows how it works but even that is almost impossible to happen because they assume a big risk by doing this. As I said, exchanging the bitcoin would take a lot of fees and also they could loose some transactions because it is hard to prove that he sent the bitcoin

Whilst this is by no way confirmed, it would be good if it were to be true but I just don't see it yet. I can see regulations coming to cryptocurrencies and again, I think this will be a good thing.

Is it really OK to pay the taxes in bitcoin? Why not just pay it in USD as always, and hold your bitcoin? Your USD won't worth twice, three times or so more in a years time, but bitcoin could. So if you hold your bitcoins, and you think the price of the bitcoin will go up, it's better to pay the taxes in USD and save your coins. But, if you have to pay the tax when the bitcoin is overvalued, you can use it and after when a correction comes, you can buy back those bitcoins cheaper. So paying taxes in bitcoin seems a bit trading/gambling for me, you can win a lot and also lose a lot because of the bitcoin price...

Even though the money would be converted to fiat automatically, it would be really cool. If I lived in Arizona I would certainly pay my taxes in bitcoin.

It's not like every government official can see who exactly is using the coins. I wouldn't worry on that unless you are trying to get your coins out from Coinbase.

that is very good for the bitcoin community, so governments get used to the future, although that inadvertent payable should be by intelligent contract so that the politicians do not steal it and go to their real destination, which are the services for the people and that the budgeted works are done and the money is not diverted to corrupts

true, at least they not said that bitcoin is illegal or the other bad thing about bitcoin. with taxes bitcoin can get regulated and people can feel safe to use or own bitcoin as asset for them

This really is a good sign for the crypto market and especially bitcoin. It demonstrates that the United States is advocating the use of bitcoin in community activities. I am really glad to know this.

Not sure if this is true but in case this is true I would say that the Arizona state has officially made btc a legal payment method and it is a good thing for crypto world.

not sure but they should write on new regulation about bitcoin and cryptocurruncies  and that such only them allow pay taxis with crypto

I have read an article about it, seems it's true. Arizona can be the first US state to accept Bitcoin and other Crypto-Currencies as payment method for taxes. If it really happens it will be a nice experience on how effective Crypto-Currency can be in real world and how effective and fair can be the regulations over it. If the experience will be positive, it will be an example for another countries that want to ban or put heavy regulations over their citizens.

This is accurate news and a positive sign that the US government has begun to care and see the positive side of Bitcoin as well as the cryptocurrencies. After this positive news, the Bitcoin exchange rate will strongly increase again in the next few weeks.

    It is a good news if ever. People will not fear to use bitcoin because it become legal if it has tax. It will bring more demand soon in bitcoin that makes it's value increase. And it will give a possitive views for every bitcoinera to continue adopt the blockchain and currency of the world in the future.

I would like to all say that it is possible to make investments on the crypto currency.

Donald Trump signed a bill on amendments to the US Tax Code. Since the New Year, all transactions with crypto-currencies will be taxed. New amendments, which came into force on January 1, 2018