:)I read about a news Arizona bill last week I think and I was surprised about it this the first way to have trick you reveal crypto profit so it can get taxed .and stay good since everyone is actually accepting the bitcoin.somehow I am just curious of all how to manages this fiscal change in terms if its adjusting for fluctuations against the target per person collection for the state .and others government are faithfully follows a rules and add bitcoin as a method of payment for taxes .I all go to see those who are interested in paying with cryptocurrencies..Most people do not use just one Bitcoin address for everything they do. The only positive thing for them from this, is that they would be able to identify Bitcoin users, once these people start paying their taxes in Bitcoin. So once you paid with Bitcoin, you would be under their radar as a Bitcoin user and you could expect a full audit of your finances.
The government will never do something good, if there is not something in it for them.
Agreed. And I guess they also think that it encourages more crypto users to pay tax since it makes the process easier for them, which I think is fair enough. But they may start recording people as potential "crypto users" and selectively judging their finances and targeting them because of their status as a "crypto user".
That is undeniable, and a huge risk for anyone to pay their taxes in crypto. Just pay in it fiat, it's to the government and no real advantages since you're going to apparently be subject to "24h" of crypto volatility according to the article. Converting crypto to fiat is pretty easy anyways.
Arizona is probably trying to become a more progressive state in terms of cryptocurrency and Fintech by doing this, but they're not going to find success by legitimising crypto payments in taxes. They need to do much more than that to make an impact.
