Arizona residents may soon be able to pay their taxes with Bitcoin and other cryptocurrencies. This development is thanks to the new bill recently passed by the state’s Senate, and is now up for consideration in the House of Representatives.
The bill proposes the use of Bitcoin and cryptocurrencies to pay “tax and any interest and penalties” to the Department of Revenue. These payments must then be converted by the Department into US dollars within 24 hours. According to public records, the said bill passed with a 16-13 margin, and one no-vote.
Said Arizona State Rep. Jeff Weninger, one of the co-sponsors of the bill, “It’s one of a litany of bills that we’re running that is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for blockchain and digital currency technology in the future.”
In order for the bill to become law, it must gain approval from both the Senate and the House of Representatives.