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US States New Hampshire and Indiana introduce bills for taxes to be paid in cryptocurrencies

Jibin M George

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USA's New Hampshire and Indiana introduce bills for taxes to be paid in cryptocurrencies
Source: Pixabay

In what could be a significant step in the recognition and legitimization of cryptocurrencies, the US states of New Hampshire and Indiana have introduced bills that allow cryptocurrencies to be paid and accepted as taxes. These bills, if passed, will recognize cryptocurrency payments as valid forms of tax payments in the future.

The move comes in the midst of several progressive steps taken by many states in the United States over the past year and a half. Only recently, the state of Wyoming introduced a bill that if passed, would accord Bitcoin and other cryptocurrencies the same legal status as regular money.

If the bills in question before the legislatures of New Hampshire and Indiana pass, the states will follow the example of Ohio, a state that has taken giant steps towards the payment of taxes in the form of cryptocurrencies. Seminole county of Florida became the first county in the United States to accept Bitcoin and Bitcoin Cash as payment for public taxes last year.

In the state of Indiana, House Bill number 1683 aims to bring an amendment to the existing state tax code and approve the use of virtual currencies to pay taxes, penalties etc. If approved by the General Assembly, the amendment will come into force from July, following which individuals and companies can pay taxes in any form of virtual currency.



Under the proposed bill, the county treasurer would determine the value of payment made by consulting the existing exchange rates.

In the state of New Hampshire however, the passage of the bill is trickier as this bill is very similar to one voted down by the State’s House of Representatives in January 2016. The bill before the present legislature, House Bill number 470-FN seeks to allow state agencies to accept cryptocurrencies against due payments. Furthermore, citing the volatility of cryptocurrencies, the bill also recommends that tax payments made in Bitcoin or any other cryptocurrency be converted to fiat to alleviate risk.





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Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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