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Saturday, 17 February 2018

US States Welcome Bitcoin and Brothers

Some states who have positive attitudes toward digital currencies hace taken postive steps to legalize the cryptocurrencies, a process that elected officials have long seen as ineveitable. So many crypto-bills have been introduced and have been received with a warm welcome, and some have been passed already.


Summary:

  • The State of Arizona has decided that of the bitcoin is good for the citizens and business, what stops it from being good for state coffers?
  • Last week, the Grand Canyon state got closer to accepting the currency as a means of tax payment.
  • Two bills, SB1091 and SB1145, were introduced aiming at regulating tax payments via cryptocurrency.
  • If the bill SB1091 is adopted, it will make Arizona the first State in the US to accept cryptocurrency as a means of taxation.
  • The Bill however states that the tax office when paid with the cryptocurrency, will convert the currency to USD and credit the taxpayer's tax account, less any transaction fees.
  •  HB2601, another bill being proposed seeks to regulate crowdfunding using ICOs in Arizona.
  • Tennessee has also sought to legalize virtual currencies, with a bill that seeks to recognize cryptopayments as financial transactions and smart contracts in the state.
  • Wyoming as well is following the steps of others, trying to make the State friendly for startups in the cryptocurrency sector.
  • Bills have been passed that exempt exchanges from regulations that crokers and dealers go through.
  • Kansas and New-Hampshire are running heels behind them by passing bills that have crypto-related exempts in their money transmitter regulations.

What do you think? Do you think that the adoption of crypto-currencies at State levels will speed up the adoption at the United States Federal level? 
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