Arizona may the first State to accept BTC as tax bill

Kulafu

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Quote from: Dudeperfect on April 01, 2018, 10:02:58 AM

It would be very great if Bitcoin is not only recognised but also promoted from the government's side. We must understand that it's not the game of government vs people but it is something that inculcates true democratic values in the society. Decentralization would play a big role in the transformation and that's what blockchain is all about. Giving the power to those who are the end users of that thing, in this case, if the government is supporting Bitcoin then more and more people will use it and I am sure users won't have any issues with paying taxes for their earnings. It is just the matter of eliminating external control on our personal things.

Government won't bother unless majority of the citizen demand it. In united State as per survey it just 8 percent of the population are crypto literate.

Dudeperfect

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It would be very great if Bitcoin is not only recognised but also promoted from the government's side. We must understand that it's not the game of government vs people but it is something that inculcates true democratic values in the society. Decentralization would play a big role in the transformation and that's what blockchain is all about. Giving the power to those who are the end users of that thing, in this case, if the government is supporting Bitcoin then more and more people will use it and I am sure users won't have any issues with paying taxes for their earnings. It is just the matter of eliminating external control on our personal things.

Kulafu

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Quote from: bitfocus on March 29, 2018, 05:45:31 AM

good news indeed! Bitcoin is growing more and more acceptance every day and growing bigger

They cannot really deny that BTC has huge potential of earning. Even there are series of negatives propaganda against BTC but still many people willing to patronize the BTC.

BusterHayward

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Wow,I think BTC can fly to the moon after this news

bitfocus

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good news indeed! Bitcoin is growing more and more acceptance every day and growing bigger

rose9696

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Quote from: Kulafu on March 29, 2018, 05:13:48 AM

There is a good development of BTC (Cryptocurrencies) on the globe. Arizona passed the bill now Japan open their market for crypto.

wow, that's a very good news about cryptocurrency. I think the price of bitcoin will be restored very quickly. June will be the return of the entire crypto market, let's buy at the present time and hold. Good things will come to us in June or July. Grin

Kulafu

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There is a good development of BTC (Cryptocurrencies) on the globe. Arizona passed the bill now Japan open their market for crypto.

alyssa85

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Just to update on this - the tax bill has made further progress:

https://www.coindesk.com/arizona-bitcoin-tax-bill-vote-of-confidence/

Quote

A committee in the Arizona House of Representatives has recommended the passage of a bill allowing state residents to pay their tax bills in bitcoin.

Public records show that the House's Ways and Means Committee advanced the measure on March 7. While the bill won't be finalized until the full House puts it up to a vote, the endorsement raises the likelihood that it will be sent to the governor's desk for signature - and become state law.

Lawmakers first began considering the measure back in January, as CoinDesk previously reported. If approved, residents can pay "tax and any interest and penalties" using "bitcoin or other cryptocurrency." While the specifics of this process will likely need to be fleshed out further, the measure also calls for the state's Department of Revenue to convert the cryptocurrency to U.S. dollars within 24 hours.

Arizona's State Senate passed the bill by a 16-13 vote on February 8, as reported at the time, and the bill was then passed on to the House just over a week later.

Kulafu

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It's good news that Georgia also drafted a law to accept crytocurrencies as tax payment. US move will force other nation to do the same.

Kulafu

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Quote from: Tamrlan on February 11, 2018, 06:12:42 AM

yes hopefully this can be a motivation for other countries. hopefully with this news bitcoin prices in the market
cryptocurrency can be normal again

Hopefully dude! Arizona soon become a state model pertain to crytocurrency. Hope those opposition will be enlighten that cryptocurrency plays an important role in the life of their constituents.

Kulafu

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Quote from: Sendibere on February 14, 2018, 12:05:33 AM

Arizona though is taking steps to become the first state to both recognize Bitcoin and it’s like as currency. The bill has faced opposition from those who cite the volatility of the cryptocurrency market as potentially disastrous to the tax base. Arizona State Senate Minority Leader said that all taxpayers would be at risk if Bitcoin was to experience a serious crash.

If the BTC will be approved, I think those fear, doubt will be gone then. If the Cryptocurrency is supported by the government definitely stability of the price will follow. The volatility of the price cannot be felt then.

Kulafu

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Quote from: Shreek on February 11, 2018, 05:05:52 AM

wow, very interesting, and this is good news for the crypto world. I am sure in the future more countries will receive bitcoin and also take taxes from bitcoin. so they can take the great advantages.

but as I know, the Japanese government also takes taxes from every bitcoin owner. so i think japan the first country to make a tax regulation for bitcoin. so japan first and second is arizona.

I think Arizona will accept BTC as tax bill not to tax the btc.
After Japan announcement to taxed BTC, South Korea made an announcement as well to taxed BTC.
Here the link https://cointelegraph.com/news/japanese-crypto-investors-to-pay-tax-of-up-to-55-percent-on-profits

Sendibere

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Arizona though is taking steps to become the first state to both recognize Bitcoin and it’s like as currency. The bill has faced opposition from those who cite the volatility of the cryptocurrency market as potentially disastrous to the tax base. Arizona State Senate Minority Leader said that all taxpayers would be at risk if Bitcoin was to experience a serious crash.

batang_bitcoin

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What they understand is that they are passing the volatility to the tax payers however this is a better news rather than reading articles that are all about fake bans and other things negative news. I hope that other states near Arizona will also do the same thing and will stop the fake news about bitcoin fraud, ban and whatsoever the FUD gang will spread through internet. Let's expect that there are nearby places that will also do the same regulation.

Kulafu

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Quote from: ganlianshifu1 on February 11, 2018, 03:34:57 AM

Tax on BTC means that BTC is legalized!

This is a positive sign, if more and more countries start to levy taxes on BTC!

BTC will be recognized by more countries, and the price of BTC will also increase!

Yes dude. If the governments is putting their nose on BTC it means they are highly interested on it. Taxing BTC is better so that the government will never harass it anymore. And not only the BTC will benefits on it but the altcoins as well.

pleght

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This is a very good news for the crypto money market.It will create more incentives.In general we hear bad news.But it is a pleasing news.

Vatimins

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Quote from: Kulafu on February 08, 2018, 07:28:26 AM

Arizona would be the first State in the planet to accept btc as tax bill. If this would happened, this could be the bench mark of other states to follow Arizona's bill.

https://www.newsbtc.com/2018/02/08/arizona-may-become-first-state-accept-bitcoin-tax-bill/

This could bring also stability on the price of the cryptocurrency in the market.

OMG! This is such a great news! I hope this really happens and is not just a fake news giving us false hopes because something like this happening can be the best that can ever happen not just for bitcoin but for the whole crypto world as we know it. Just imagine how big this is for the crypto world, how much it can contribute to make cryptos more popular and change its image from being an internet scam as some people say to being something that is legally used in Arizona! I can already imagine some countries or some near by states to do things that are exactly the same as Arizona. Cryptos will be unstoppable!

Tamrlan

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yes hopefully this can be a motivation for other countries. hopefully with this news bitcoin prices in the market
cryptocurrency can be normal again

subbotina

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Quote from: Kulafu on February 08, 2018, 07:28:26 AM

Arizona would be the first State in the planet to accept btc as tax bill. If this would happened, this could be the bench mark of other states to follow Arizona's bill.

https://www.newsbtc.com/2018/02/08/arizona-may-become-first-state-accept-bitcoin-tax-bill/

This could bring also stability on the price of the cryptocurrency in the market.

It will not affect the price that much. We need some major economies accepting at same time.

Shreek

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wow, very interesting, and this is good news for the crypto world. I am sure in the future more countries will receive bitcoin and also take taxes from bitcoin. so they can take the great advantages.

but as I know, the Japanese government also takes taxes from every bitcoin owner. so i think japan the first country to make a tax regulation for bitcoin. so japan first and second is arizona.

Topic: Arizona may the first State to accept BTC as tax bill (Read 223 times)