US State Georgia next in line to accept cryptocurrency for taxes - page 3.

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

Quote from: housebtc on February 25, 2018, 08:55:36 AM

Good to see more state giving crytocurrencies consideration, but what I don't understand is what some people are saying. Cryptocurrencies especially Bitcoin is recognized by Government even US government some months ago there were auctions of Bitcoin in Australia and US, so if not recognized then who are they selling it to

It's been recognised as an ASSET.

But if you can pay your taxes using bitcoin, then it is a CURRENCY. That is the breakthrough.

housebtc

sr. member

Activity: 588

Merit: 252

Good to see more state giving crytocurrencies consideration, but what I don't understand is what some people are saying. Cryptocurrencies especially Bitcoin is recognized by Government even US government some months ago there were auctions of Bitcoin in Australia and US, so if not recognized then who are they selling it to

kolesozw

legendary

Activity: 1316

Merit: 1004

FRX: Ferocious Alpha

Quote from: Tambu on February 25, 2018, 12:39:59 AM

The US State Georgia considered to accept cryptocurrencies as tax payment.
https://cointelegraph.com/news/us-georgia-next-state-in-line-to-accept-crypto-for-taxes-licenses
Georgia file bill after the Arizona considered BTC as a tax payment.
Which State is next?
This is pretty good news!

A really good news will be to read that a big retails in US is accepting crypto's.

They just are announcing that Georgia is open to the future. But this will not have any impact over the price and I don't think even a 100 people will pay their taxes in crypto.

Tambu

jr. member

Activity: 224

Merit: 3

Quote from: albos on February 25, 2018, 05:22:45 AM

Hope others will follow and they will start recognizing the cryptocurrency

Soon they will follow. Arizona just announced last two weeks then Georgia. We will wait then for some state to utter interest on cryptocurrency as tax payment.

Tambu

jr. member

Activity: 224

Merit: 3

Quote from: Beerwizzard on February 25, 2018, 05:46:13 AM

I'm curious how many people from the whole Georgia own at least small amount of cryptos. The annual volume probably will be about some thousands USD (ofc unless any crypto related business is located there). As the article say those cryptos will be sold within 24h so it is basicaly the same as selling cryptos by yourself for fiat and paying taxes with it (I bet some extra fee will be charged for all conversions).
Anyway the most important thing will be the legal side of the question.

It could be few but the action of Georgia is a huge leap for cryptocurrency to be recognized as legal in US. Yes that's the most important.
If it will implemented it cause domino effect in US.

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

Quote from: Beerwizzard on February 25, 2018, 05:46:13 AM

I'm curious how many people from the whole Georgia own at least small amount of cryptos. The annual volume probably will be about some thousands USD (ofc unless any crypto related business is located there).

The reason these states are doing this is that they want to attract cryptoenthusiasts to them. At the moment there might be only a few people in Georgia who own crypto. But in five years time they might have attracted a nice taxpaying community to their state.

etin06

member

Activity: 285

Merit: 11

quarkchain.io

It soon interesting and I sign of good thing to come in the crypto community. If this is successful done am very confidence other states and countries around the world will follow. Crypto is a moving train the earlier you join in the better cos it's going to revolutionalize the world financial set and create a synergy between many countries economy.

Tambu

jr. member

Activity: 224

Merit: 3

Quote from: dhemasm on February 25, 2018, 05:27:12 AM

This is really very good news for crypto and certainly a positive step for cryptocurrency. If not mistaken Arizona senate is doing vote to use bitcoin in tax payments, So it seems the next state is arizona. Idk let hope more and more other states follow this policy.

Arizona proposes first followed by Georgia. This is a good recognition for cryptocurrency. Hope United State will be the first to legalize the cryptocurrency by law. I believe if US will do this another nations will follow.

BitChief

jr. member

Activity: 126

Merit: 2

Quote from: Dolarin on February 25, 2018, 05:42:00 AM

Wow! It's so amazing! I hope that soon so will act the entire States! Then it will mean that cryptocurrencies are recognized by the government!

Yes very exciting to hear many new states considering accepting taxes in cryptocurrency, can't wait till other countries start moving in this direction. It will be very complicated for them to work out at first, but it is without a doubt a step in the right direction.

Beerwizzard

full member

Activity: 924

Merit: 148

I'm curious how many people from the whole Georgia own at least small amount of cryptos. The annual volume probably will be about some thousands USD (ofc unless any crypto related business is located there). As the article say those cryptos will be sold within 24h so it is basicaly the same as selling cryptos by yourself for fiat and paying taxes with it (I bet some extra fee will be charged for all conversions).
Anyway the most important thing will be the legal side of the question.

Dolarin

full member

Activity: 294

Merit: 100

Wow! It's so amazing! I hope that soon so will act the entire States! Then it will mean that cryptocurrencies are recognized by the government!

Dluretic

member

Activity: 224

Merit: 10

The Experience Layer of the Decentralized Internet

This is undoubtedly a good news, taxing acknowledged that the bitcoin is legitimate, because i am so happy to see recently a growing number of countries the government plans to levy of bitcoin tax, I think would still be the bitcoin of the bull market in 2018!

Nalbo

full member

Activity: 874

Merit: 125

This is good. And this shows US is still a great place for cryptocurrency, with difference in laws and ideas among several states, there's always a legal loophole for everyone to exploit.

dhemasm

full member

Activity: 1829

Merit: 134

Moderator

This is really very good news for crypto and certainly a positive step for cryptocurrency. If not mistaken Arizona senate is doing vote to use bitcoin in tax payments, So it seems the next state is arizona. Idk let hope more and more other states follow this policy.

findingthemoon

full member

Activity: 252

Merit: 123

Crypto acceptance by governments is what will legitimize it enough to eventually bring it mainstream, I'm very glad there are forces within governments pushing for this as a lot of the recent news, particularly in Asia have been quite negative towards cryptocurrencies in general.

albos

jr. member

Activity: 112

Merit: 2

Hope others will follow and they will start recognizing the cryptocurrency

Kulafu

jr. member

Activity: 140

Merit: 2

There's a possibility that other state will follow. Seems cryptocurrency is getting its root in United State soil which good to those who are in the cryptocurrency community.

Tambu

jr. member

Activity: 224

Merit: 3

The US State Georgia considered to accept cryptocurrencies as tax payment.
https://cointelegraph.com/news/us-georgia-next-state-in-line-to-accept-crypto-for-taxes-licenses
Georgia file bill after the Arizona considered BTC as a tax payment.
Which State is next?
This is pretty good news!

Topic: US State Georgia next in line to accept cryptocurrency for taxes - page 3. (Read 460 times)