You can pay your taxes now in BTC?!?!?!?!

[hector3115]

http://www.newsbtc.com/2015/03/04/utah-successfully-passes-bitcoin-bill/

http://www.nasdaq.com/article/the-first-bitcoin-etf-offers-easy-way-to-profit-from-virtual-currency-gbtc-cm450589



The tide is turning.  The move upward could become violent at some point.  Time to cover your shorts. 

[1714666266]

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[Kipsy89]

I wonder, will they be holding the BTC as BTC in cold storage (the state getting their hands on an experimental investment!?!) or are they going to auction them off, using BitPay, regular exchanges!?

[finlon]

http://www.newsbtc.com/2015/03/04/utah-successfully-passes-bitcoin-bill/

http://www.nasdaq.com/article/the-first-bitcoin-etf-offers-easy-way-to-profit-from-virtual-currency-gbtc-cm450589



The tide is turning.  The move upward could become violent at some point.  Time to cover your shorts. 

You never know. It might be a bold move to evaluate the amount people are holding in Bitcoins, as they can trace addresses online.
I never trust the government with these things

[HarmonLi]

I also suspect it may be a way to get some Bitcoins into the State's reserves. It's somewhat of a gamble, but I think only a fraction of all citizens are going to pay their taxes in BTC, so the risk is kind of small.

[hector3115]

Peter Thiel said that as long as you have to convert your bitcoins to US dollars to pay your taxes, it will never replace the dollar. 

Well now you can I guess!!

[ajareselde]

http://www.newsbtc.com/2015/03/04/utah-successfully-passes-bitcoin-bill/

http://www.nasdaq.com/article/the-first-bitcoin-etf-offers-easy-way-to-profit-from-virtual-currency-gbtc-cm450589



The tide is turning.  The move upward could become violent at some point.  Time to cover your shorts. 

“Industries in emerging technologies could play an increasingly important role in Utah’s economy and culture; the State must remain open to new technologies and ideas to continue attracting talented and educated entrepreneurs to the state.”

Its the beggining of bitcoin age for sure, they realised that they could actually take profits from bitcoin usage, rather than loose funds and time fighting against it.

"The council will have to submit its study and recommendations to the Revenue and Taxation Interim Committee before September 2016."

So this is about the same time (few months off) from bitcoin halving, and im pretty sure that its going to be another mega bitcoin bubble at that point.

Way to go Utah :]

cheers

[azguard]

good for all citizen of state of UTAH

[waterpile]

Wow!, finally bitcoin starting to step up if this is going to be a success in Utah this can be tried by other places as well.. 

[NUFCrichard]

good for all citizen of state of UTAH

Unless your business is almost exclusively done in Bitcoin, why would you want to pay your taxes with Bitcoin?
Are there no separate tax issues regarding bitcoin, capital gains and such, would this be affected if they were used to pay taxes? Sounds a bit unnecessary.

[ajareselde]

good for all citizen of state of UTAH

Unless your business is almost exclusively done in Bitcoin, why would you want to pay your taxes with Bitcoin?
Are there no separate tax issues regarding bitcoin, capital gains and such, would this be affected if they were used to pay taxes? Sounds a bit unnecessary.

It is not unnecessary, allowing people to pay their taxes (and every other living costs) in bitcoin, is taking another step in good direction to a mechanism in which person can
choose to remove fiat money from their lives. Giving people freedom to choose their finances doesnt have to be good just if it makes you some profit, it gives you much more, it gives you freedom of choice.

cheers

[okthen]

I wonder, will they be holding the BTC as BTC in cold storage (the state getting their hands on an experimental investment!?!) or are they going to auction them off, using BitPay, regular exchanges!?

I suspect they will immediately sell the coins...
Anyhow, nice for Utah!

[NotLambchop]

How is it you Bitcoiners can't seem to learn how to read?

"This concurrent resolution of the Legislature and the Governor proposes the creation of the Council on Payment Options for State Services to study whether and how the state could accept bitcoin as a valid form of payment."

[AtheistAKASaneBrain]

>buy now
>suicide later
Pick one.

[dothebeats]

I wonder, will they be holding the BTC as BTC in cold storage (the state getting their hands on an experimental investment!?!) or are they going to auction them off, using BitPay, regular exchanges!?

If this is the case, we can assume that we will see regular dumps in the market, which is not ideal for bitcoin's price.

[lyth0s]

I wonder, will they be holding the BTC as BTC in cold storage (the state getting their hands on an experimental investment!?!) or are they going to auction them off, using BitPay, regular exchanges!?

If this is the case, we can assume that we will see regular dumps in the market, which is not ideal for bitcoin's price.

They will definitely be using a payment processor to convert to fiat. I doubt they will hold any in the near term.

[Grumpster]

I'm not 100% on my American laws & policies but I would assume that a state government wouldn't be allowed by the federal government to assume an "investment" of sorts in bitcoin as the government have already pretty publicly come out against BTC and other cryptocurrencies.

[manis]

I wonder, will they be holding the BTC as BTC in cold storage (the state getting their hands on an experimental investment!?!) or are they going to auction them off, using BitPay, regular exchanges!?

I doubt if states would hold them as investments.
Most governments run a deficit.

[Amph]

could be a way for them to accumulate bitcoin, without too much trouble in exchanging them, this can ensure the value of bitcoin, without causing too much dumping

really cool