State of Arizona considering use of Bitcoin to pay taxes

[joshuamutualgoldfund]

The State of Arizona is considering accepting Bitcoin in tax payments. As more Government agencies move into the 21st century, the more bullish the Joshua Mutual Gold Fund is in regards to Bitcoin. The Joshua Mutual Gold Fund can be reached at robert_hill@joshuamutualgoldfund.com or 800-361-6359

[TimtheYoutuber]

That would be really nice if they did allow it. Obviously the bitcoin would be converted 1:1 instantly, but is good for cryptocurrency users.

[JL421]

That's huge news I wish I was a citizen of that country but it won't he possible.
I just hope other world leaders also realize this and start accepting bitcoin as it's really hard for me to decide what do I do with my coins the only problem with this would be they might find out about our holdings and trouble us later

[anitaraymonds]

This is a massive news and bolster to Bitcoin and blockchain. The government is becoming smarter because receiving tax through blockchain will reduce fraud, and improve collection and record keeping will be flawless. Once Arizona succeed in it planning others will follow.

[Betheng10]

Well here in our country you can use bitcoin to pay for bills and government insurances with the use of app. The bad thing about it is it will cost you an extra amount for transaction fees. Yes it's convenient but it's quite pricey. I understand that these apps need to profit for their services too, but some users finds it unfair that results to users not using one of bitcoin's function and let it circulate in the market.

[onnz423]

This could be great news for crypto if it is done on a nationwide scale, the sooner we see a countrywide adoption and integration into the taxation and billing systems, the sooner bitcoin will hit the moon and overtake fiat as the dominant payment method.

[player514]

That's huge news I wish I was a citizen of that country but it won't he possible.
I just hope other world leaders also realize this and start accepting bitcoin as it's really hard for me to decide what do I do with my coins the only problem with this would be they might find out about our holdings and trouble us later

Arizona is a state, not a country, so this isn't as big as you might be thinking it is.

The news is definitely big, but of course, it needs to be carried through with. Just having a consideration isn't good enough these days...

I see a lot of issues that could arise for the state if they go along with this plan. If there's a pretty big fluctuation, there's a good chance that they either end up with less money than they should have for their taxes (in terms of USD), or they could end up with people who paid for their taxes with bitcoin and ended up missing out on a big rise, which would make the people not very happy.

This article is pretty good, I suggest reading through it if you want to learn more about Arizona and its involvement in the blockchain space:

https://www.newsbtc.com/2018/02/08/arizona-may-become-first-state-accept-bitcoin-tax-bill/

[alyssa85]

Just to update on this story. The bill has passed the state senate, it now needs to pass the state house:

https://www.azcentral.com/story/money/business/tech/2018/02/09/bitcoin-tax-payments-arizona-could-become-first-state-u-s-allow/324424002/

The implementation date is not until 2020, which would give the Department of Revenue time to determine which currencies it will accept and how it will make the exchange to U.S. dollars.

Petersen said because the Revenue Department will only credit taxpayers the value of the Bitcoin after it's converted to dollars, there is no risk to the state.

It looks like it's not just bitcoin they are approving - Ethereum, Litecoin and Bitcoincash could be accepted too, if they are still strong in 2020.

[Veterock]

God bless America))When federal government trying to ban crypto, government of state is allowing it))