California Introduces Bill to Accept Bitcoin for Taxes

Source : coinquora.com

Regulation News

  • California introduced a bill that allows people to pay for state services with crypto.
  • Another initiative was launched to make Bitcoin a legal tender.
  • Several other US states are moving in this direction.

California joins the list of states in the US that are looking to use bitcoin for tax payment. Senator Kamlager of California introduced a bill that would bring changes to the state’s code to allow for the acceptance of cryptocurrencies. This new bill would authorize a state agency to accept cryptocurrency as a method of payment for government services.

The proposed payment legislation is as follows:

SB 1275, as introduced, Kamlager. State agencies: cryptocurrency. Existing law establishes state agencies for various purposes, including to provide certain services to the public for which payment is required. This bill would authorize a state agency to accept cryptocurrency as a method of payment for the provision of government services.

Additionally, political advisors of the state are pushing a proposal to make Bitcoin legal tender. This is unrelated and separate from the bill put forward by State Sen. Kamlager.

Twitter is abuzz with a conversation regarding these government moves favoring cryptocurrency.

Several other states are also thinking in this direction. Just last week Colorado Governor Jared Polis stated that Colorado citizens would be able to use bitcoin and cryptocurrency to pay state taxes by this summer.

Likewise, New Hampshire Governor Chris Sununu signed an executive order establishing a commission to investigate current Bitcoin-related laws and propose new ones. Additionally, Missouri is seeking to incentivize bitcoin adoption through tax cuts. Furthermore, Tennessee State Representative Jason Powell introduced two bills recently related to cryptocurrency.

Meanwhile, the Biden administration is expected to release an executive order soon to task federal agencies with assessing the risks and opportunities that Bitcoin and cryptocurrencies could pose.

Leave a Reply

Your email address will not be published. Required fields are marked *