The US state of Georgia is going to be the next state in the United States to start accepting Bitcoins or we can say, Cryptocurrencies for Tax Payments. According to new bill introduced on February 21, they will start accepting Cryptos as legal currency for licensing and Tax Payments.
According to sources, the original Senate bill number 64 was introduced by Republican state senators, Joshua McKoon and Michael Williams. As per their demands, “the commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to Bitcoin, that uses an electronic peer-to-peer system.”
Additionally, they have also explained how the Cryptos will start as a legal currency for paying tax and for other government related transactions. As per their brief explanation, the bill will stipulate itself once a successful transaction is made. The commissioner will convert the Cryptocurrency in US Dollars within 24 hours of time period. This is how they will start the base of accepting the Cryptos as legal currencies for paying taxes and for licensing.
If we talk about the other state, Arizona has done the same thing and the senate has passed the same bill earlier this month. So the state of Georgia would be the second in the list to accept Cryptos as legal currencies for paying different types of taxes and more.
As per Arizona state’s bill, “the taxpayer may pay their income tax liability using a payment gateway, such as Bitcoin, Litecoin, or any other cryptocurrency recognized by the department, using electronic peer-to-peer systems.” They will also convert the Crypto to US Dollars within 24 hours while accepting the taxes and other things through Cryptocurrencies.
Since Arizona’s bill has already been passed, it would be the first state in the US or we can say in the World to accept Crypto as the legal currencies for accepting various types of taxes.
Well, the proposals are just accepted by the committees and not included in the system as of now. They have to search well before making it available for public in the states.
According to tax law expert Robert Wood, if the Government start accepting Cryptocurrencies for paying taxes, more people will attract towards it and they will pay more and legal taxes. Many of the users are still not paying their taxes properly and by making it enable, they will pay their full taxes and this will the government too will gain more profit.
We are not sure about the actual use of Cryptocurrencies in the Government sectors, but yes, this would be pretty impressive move by the government if it is ever going to be happened for real. We would let you update with everything.