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Author Topic: IL HB5335  (Read 44 times)
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March 14, 2018, 04:49:10 PM
Merited by paxmao (1)

Michael J. Zalewski introduced Illinois House Bill 5335—

Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that, in addition to any other method of payment provided for by law, the Department shall accept payment for any tax imposed by the State and administered by the Department by cryptocurrency. Provides that the Department shall convert such payments to United States dollars at the prevailing rate within 24 hours after receipt of the payment and shall credit the taxpayer's account with the converted dollar amount.[1]

Do you think that the laws (if becomes a law) are intended to reduce Bitcoin?It will have an effect?

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March 15, 2018, 03:32:46 AM

Why would it reduce Bitcoin? If anything it will increase the use of Bitcoin.

However, there is a problem because the amount credited depends on the conversion to dollars. It means that the amount you pay will not be exactly the amount they receive because of fluctuations in the exchange rate.

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March 15, 2018, 06:18:54 AM

 I just hope it comes to fruition. That would be a great boost for Bitcoin usage when the bill is implemented.
If any government agency accepts Bitcoin, it will at least give more confidence as per the usage.
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March 15, 2018, 07:01:49 AM

I'm glad at least, that it would require conversion to USD and be credited based on that. Government hoarding a crypto that is not of their own design would be a problem in my opinion.

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