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Now taxes can be paid using cryptocurrency – Arizona passes a new Senate Bill

Aman Swami

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Now taxes can be paid using cryptocurrency - Arizona passes a new tax bill
Source: Pixabay

According to the public records published on 2nd May, The Arizona House of Representatives passed a tax bill called Senate Bill 1091. The Senate Bill allows the citizens to pay their taxes using cryptocurrencies.  However, in the recent vote, this initiative has been impeded with various amendments.

The order release by Arizona House of Representatives targeted the Department of Revenue of Arizona which will help open the door for accepting digital currency as a payment method for taxes.

The bill, which was passed by the Arizona State Senate on 8th of February, would allow residents of Arizona to pay their state taxes with cryptocurrency. The state government would then convert the digital currency payments to US dollars within 24 hours of their receipt.

Rather than openly allowing the receipt of digital currencies for taxes, the House revision merely compels the Department of Revenue to consider the possibility of alternative forms of payment.

The amended bill states that:



“The department shall study whether a taxpayer may pay the taxpayer’s income tax liability by using a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency that uses electronic peer‑to-peer systems. The department shall study the conversion of cryptocurrency payments to United States dollars at the prevailing rate after receipt and shall study the process of crediting the taxpayer’s account with the converted dollar amount actually received less any fees or costs incurred by the department for conversion.”

The state has used the language provided in the amendment in a hideous way as it does not define when such a study would begin, or the length of time it would take for the Department to make a determination. The language used in the bill also does not specify what the fees and costs would be. Moving forward, legislators from both the state Senate and House will negotiate the terms of the bill.

Many states across the country have considered and passed legislation pertaining to cryptocurrencies and blockchain, which includes, Wyoming, Georgia, and Illinois.





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Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets.

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Altcoins

Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out of ‘saucer bottom’ pattern

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Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out out of 'saucer bottom' pattern
Source: Unsplash

Binance Coin [BNB] is nothing short of becoming the best performing crypto asset of 2019, as it creates higher highs every day. In a recent surge, BNB went up by approximately 12% in 24-hours breaking out of the ‘saucer bottom’ pattern.

BNB has been on a bull run since December 2018, it has surged by approximately 470% since that point. In the last 24-hours, the price was up by approximately 12% from wick-to-wick.

Source: TradingView

Moreover, the rise in the price over the day can be attributed to the announcement by Binance DEX, that was launched recently. The tweet read:

The new update will convert the BNB, which is an ERC20token, into BEP2, it will be called the “mainnet swap”. Furthermore, users have to convert their ERC20 tokens on Binance, the details of which will be released in the near future.

In addition, Mithril, a cryptocurrency project has announced that it will be the first project to migrate to the Binance Chain. It tweeted:



“$MITH token holders on the new @Binance_DEX will be the first to experience increased speed, security, and user friendliness while maintaining full control over their funds.”

A Twitter user, @carlitosblvd123, commented:

“So , all BNB we have now like erc20 in binance exchange and on trust wallet will be converted to bep2 automatically or we have to do anything to happen?”

@jigneshon, another Twitter user commented:

“Crypto Revolution will happen on 23rd April when Binance Chain Genesis block will be created. 🔥”





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