Residents of Arizona will be able to pay taxes with Bitcoin, Ripple and Ethereum
Arizona can become the first US state, whose residents will soon be able to pay taxes using cryptocurrency. The corresponding bill was passed by the State Senate this week.
16 senators endorsed the bill, 13 legislators opposed it, but in the end, a three-vote margin was enough to pass the document. Now the bill will be forwarded to the Arizona House of Representatives for further consideration.
How can it change the life in Arizona?
The representative of the Republican Party Jeff Waninger noted that changes in the state’s tax law will make Arizona a comfortable place to live for users of new technologies. He also believes that in this way Arizona sends a signal to everyone in the US and the rest of the world that in the future the state will be open to blockchain and digital currencies.
At the same time, the representative of the Democratic Party, Steve Farley, warns that the bill shifts the “load of volatility” of bitcoin prices to taxpayers who will continue to use the US dollar.
“It would mean that the money goes to the state and then the state has to take responsibility of how to exchange it,” said Steve Farley.