[2018-01-09]Arizona Closer to Accepting Bitcoin and Regulating ICOs

[Diced90]

Arizona may become the first U.S. state to legalize bitcoin as a payment option for tax purposes. Bills to that end have been advancing in the State Legislature, with one of them already passed by the Senate Finance Committee. First reading of a draft law regulating ICOs has been scheduled, too. The Grand Canyon State is sending a signal to everyone that it will be “the place to be” for cryptocurrency. 
Sending a Signal
Several bills that recognize bitcoin and other cryptos as currencies have been making their way in the Arizona State Legislature. Two of them, SB1091 and SB1145, will regulate income tax payments with cryptocurrency. One of them has already passed the Senate Finance Committee in mid-January. Another bill (HB2601) is expected to regulate crowdfunding and initial coin offerings (ICOs). Its first reading in the House of Representatives is scheduled for June 2, and a second reading will take place a month later.

Arizona Closer to Accepting Bitcoin and Regulating ICOs“We are 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,

Readmore https://news.bitcoin.com/arizona-closer-to-accepting-bitcoin-and-regulating-icos

[Schirer]

First of all, good to hear some goods news instead of bad news FUD.

Also this is smart, smart leaders are thinking how to usee new Technologies, tax them , create new job openings.
Especially good because finally some legislation from U.S.

P.S. Eu this week announced 340 million ( Euros) fund for block chain projects, things are starting to look up again.

[bbc.reporter]

There were also some articles saying that Arizona was also open to the idea to allow people in the state to pay their taxes in bitcoin. If that ends up well, with more states or maybe countries accepting the idea of taxes paid in bitcoin, I reckon it would open up the possibility for bitcoin to become a world reserve currency where the Arab states might accept bitcoin for crude oil.

I know it's hard to envision today, but it is going in that direction.

[richardsNY]

I know it's hard to envision today, but it is going in that direction.

I remember having read an article last year about a certain country in Europe allowing people to settle their tax bills with Bitcoin, but only to a certain amount. If Arizona ends up doing the same, but then where they allow people to settle their entire tax bills with Bitcoin instead of a low amount, then it's a great happening. Imagine that you before the January tax snapshot each year you spend your profits on settling your tax bills, and use the fiat you have left to invest in Bitcoin to let it grow further. If the price keeps going up throughout the years, which will definitely happen, then it can be seen as a fantastic development stimulating all involved parties. It will allow you to repeat this for many more years.

[bbc.reporter]

@richardsNY. Another possible scenario would be keeping our holdings private in anonymous cryptocoins like Monero or, when it's ready, Aeon.

With 2nd layer technologies being developed on top of the blockchain we might be able to convert coins atomically between different blockchains without the need for exchanges. So if you want to pay your taxes, all we have to do is convert to bitcoin while keeping our privacy safe.

[wonderful8]

Once it is explicitly accept by governments in US states, then bitcoin will grow big like visa and mastercard.

[J. Cooper]

@richardsNY. Another possible scenario would be keeping our holdings private in anonymous cryptocoins like Monero or, when it's ready, Aeon.

With 2nd layer technologies being developed on top of the blockchain we might be able to convert coins atomically between different blockchains without the need for exchanges. So if you want to pay your taxes, all we have to do is convert to bitcoin while keeping our privacy safe.

If atomic swaps between blockchains can be developed to the point where mainstream exchanges will become obsolete, it will be a lot more difficult to check how much people have made for law enforcement. But you also have to keep in mind that a gateway from fiat to bitcoin will always exist.

[superjeyy]

Really refreshing to see a government embracing change and innovation for the development of their state. We all have witnessed how other governments has been trying to get rid of Bitcoin through banning its use in their countries. It is nice to see how the state of Arizona is standing its grounds and standing firm in believing in the capabilities of cryptocurrency. Hopefully, this would be the start of something great that it would lead to influence other governments that cryptocurrency is not a threat instead something that can be used to promote progress through flexibility.