Arizona might become the first U.S. state to legalize bitcoin and other currencies as a method of payment. One of several bills already passed by the Senate Finance Committee. Moreover, the first reading of a draft law which will regulate ICOs has been scheduled. It seems that Arizona will be a place for crypto.
There are several bills that recognize bitcoin and other cryptos as currencies. Two of them, SB1091 and SB1145, will regulate income tax payments with cryptocurrency. In mid-January, one of them has already passed the Senate Finance Committee. Another one (HB2601) will regulate initial coin offerings (ICOs). The first reading of this bill is scheduled for June 2. The second reading will take place a month later.
The state is going to be the place to be for blockchain and cryptocurrency in future. Experts believe that in the next 5 to 10 years this technology will change the world.
According to Jeff Weninger, a Republican member of the Arizona House of Representatives, the new law will make it easier for people to pay their taxes, without opening their “normal wallets”. A taxpayer will be able to pay taxes from his home even in the middle of the night.
Of course, there is an opposite opinion. The new technology will replace traditional money transfers with credit cards. All taxpayers will be put at risk because of the volatile nature of bitcoin. If the new legislation is passed the state will be responsible for exchanging the cryptos.
If Arizona lawmakers approve the bills, the state may start collecting taxes in bitcoin within two years. It will be the first state in the U.S. to legalize cryptocurrency payments for taxes.