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arizona tax bitcoin

“Arizona could certainly pass a law like this and the state government could choose to accept bitcoin as payment for Arizona taxes. There are currently laws in place, stemming from the National Bank Acts of and , that place a 10% tax on payments made in currency. Notably, several revenue agencies have advised that purchases of virtual currency are not subject to their state's sales and use tax. A state may view virtual. TIME FRAME FOREX SCALPING BAND

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And there are some! Arizona seems positioned to be the first to formally implement, but Georgia , Illinois , and Wyoming all have legislation in various stages of completion seeking to mainstream cryptocurrency, even slightly. In every case, cryptocurrency demonstrates a rise in our collective consciousness.

What used to be talked about among highly technical in-crowds is now slowly being adopted to help turn the big and slow gears of government. You May Also Like. Weninger said the bill he co-sponsored, which passed the Senate Finance Committee with a vote of 4 — 3, will make it easier for people in the state to pay their taxes.

Weninger said. Jack Biltis, a Phoenix business owner is one of them — and he believes this is the way of the future. As of Feb. Since its start in , the number of Bitcoins in circulation has risen to Fox News But, others believe those systems already established are enough.

Arizona State Senate Minority Leader Steve Farley said he thinks that if the proposal passes, it would put all taxpayers at risk if bitcoin crashes. He added that the U. They're good enough for me. They should be good enough for anybody else who pays taxes in this country.

Most of the money, he said, would be spent on educating people on a system that could be confusing. The world is going to look so different in 20 years and the people that are going to be truly successful are the people that embrace it now and are on the leading edge of that curve. Five states have enacted or adopted blockchain legislation.

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Arizona Bitcoin Bill 1091 - Pay Taxes With Bitcoin

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