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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

Binance coin pumps by over 6% in an hour; breaks its all-time high

Namrata Shukla

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Source: Pixabay

On June 20, Binance coin [BNB], a coin ranked seventh on CoinMarketCap, surged by a massive 6.38% over the past hour. The coin also broke its all-time high and was trading at $36.47, at press time.

Source: Trading view

Source: Trading view

At press time, BNB was being traded at $36.47 with a market cap of $5.097 billion. The 24-hour trading volume of the coin was reported to be $571.64 million, as it spiked by 2.35% over the day. Over the past seven days, the coin noted a rise of 2.03% in its price and continued to rise by 6.38% within the hour.

This hike follows Singapore-based cryptocurrency exchange, KuCoin, listing Binance coin [BNB] and Binance announcing the launch of Elrond project on Binance launchpad. Binance funded the sharding-based public blockchain network in a private funding round, as the company closed the round with $1.9 million. It will be the next project supported by Binance launchpad and the token sale will be carried out in a lottery fashion. The token sale is scheduled to begin from June 22, 00:00 AM [UTC].

The coin was highly traded on Binance exchange with BNB/USDT pair and BNB/BTC pair. BNB/USDT took the first place as it noted a 24-hour trading volume of $137 million, followed by BNB/BTC which reported a volume of $126 million. The third position was taken by LBank exchange, which registered a trading volume of $120 million with BNB/USDT pair.





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