US Citizens May Be Able To Pay Their Taxes In BTC Soon

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One of the main obstacles on cryptocurrencies’ way to mass adoption is the fact that you can’t use them in the same way as the standard, fiat currencies. You can’t simply walk into a grocery store and exchange some satoshis for bread and milk or use them to pay your taxes.

Well – that second part may begin to change soon for some US citizens, as lawmakers in New Hampshire are considering a bill to legalise Bitcoin as the means of payment for fees and taxes.

The NH HB470 document published on January 3 is now moving through various levels of local government and will be examined by a subcommittee on January 29.

“This bill requires the state treasurer to develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees and allows state agencies to accept payment in cryptocurrencies after July 1, 2020.” – the document begins.

It later states that “The plan shall address any accounting, valuation and management issues and also identify an appropriate third party payment processor that will process cryptocurrency transactions at no cost to the state.”

A decision regarding the proposal is set to March 14, so we will have to wait a little longer before we know if hodlers in New Hampshire will soon be able to use their cryptocurrency for tax payments.

 

Images by Shutterstock.com

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