While it was a recent news that US Taxman has to pay Capital Gains Taxes(CGT) on Bitcoin under certain circumstances, a major irony is recorded straight from Arizona State.
Arizona Senate passed a bill early this week which enables residents of Arizona to use Bitcoin as well as several other cryptocurrencies to pay their taxes.
A bill was passed in the state of Arizona by a 16-13 margin which states that taxpayers in the state of Arizona can use bitcoin as well as other accepted cryptocurrencies in order to pay " tax and any interest and penalties" to the State's Department of Revenue, meaning that the State of Arizona has opened up for digital currencies.
This measure has been further sent to the State's House of Representatives for further review and consideration purposes.
The success of this measure is fully dependant on both approval of it in the chamber as well as any possible settlement required if the House and Senate passed different versions, the successful vote forecasts that the law could come into place. In January, lawmakers on the Senate's Finance Committee cleared the bill by a 4-3 vote.
Arizona State Republican Jeff Weninger said that the tax measure taken is purely aimed at making the state adaptive to new technologies and send a message that The State of Arizona Welcomes users of such technology and it is matching steps with future technology as well.
He said that this step addresses each and every resident of the US as well as all others throughout the world that Arizona is going to be the place for Blockchain and digital currency technology in the future. Till now, any of the Government or revenue Department in the United States were unable to undertake such a Bold Step. The State of Arizona has pioneered and took the first step among The United States.
However, the bill puts the "Volatility Burden" of Bitcoin and other Cryptocurrency on the taxpayers who make their tax payments in US Dollar says Steve Farley, Arizona State Senator.
He said:" It would mean that the money goes to the state and then the state has to take responsibility of how to exchange it."This decision came when Bitcoin was suffering from one of its major dips and its price surged down to $5947.
Risks in the marketplace were high in early 2018 which lead to more interest from investors who saw an actual potential for big gains in cryptocurrencies. Bitcoin especially is currently suffering from several hardships and its journey in overall has impressed world leaders as it is proving many of its critics wrong.
Cryptocurrency expert, Joon lan Wong still believe in the potential of the Cryptocurrency and said that it could still be back on the track. He said, "Even the most ardent Bitcoin Supporter won't deny that it is greatly inflated at the moment in terms of valuation." He further added, " It has come down a lot from its December 2017 Highs but it is still eight times higher than it was around 12 months ago.
Bitcoin's current price has surged up 41% - (+$3,400) from its earlier low but the northenly trajectory has flattened leading to fears that it was not a recovery run but rather a temporary bounce back from an extended decline.
Mr. Wong added that despite several positive aspects of the cryptocurrency and remarkable reviews from many leaders, investors, experts, bitcoin and alt-coins still fall behind traditional currencies like U.S. Dollar and G.B. Pound Sterling in regards of liquidity or common use.
Speaking to BBC Radio 4's programme, he further added: "On one hand Bitcoin is kind of a Digital Gold, a store value." While " On the other hand, it is a decent way to exchange but not matching US Dollar or Great Britain Sterling."
Bitcoin's price may soon come under further regulation from the European Central Bank as concerns around Cryptocurrencies grow strong among financial policymakers and decision-makers.
Arizona Senate passed a bill early this week which enables residents of Arizona to use Bitcoin as well as several other cryptocurrencies to pay their taxes.
A bill was passed in the state of Arizona by a 16-13 margin which states that taxpayers in the state of Arizona can use bitcoin as well as other accepted cryptocurrencies in order to pay " tax and any interest and penalties" to the State's Department of Revenue, meaning that the State of Arizona has opened up for digital currencies.
This measure has been further sent to the State's House of Representatives for further review and consideration purposes.
The success of this measure is fully dependant on both approval of it in the chamber as well as any possible settlement required if the House and Senate passed different versions, the successful vote forecasts that the law could come into place. In January, lawmakers on the Senate's Finance Committee cleared the bill by a 4-3 vote.
Arizona State Republican Jeff Weninger said that the tax measure taken is purely aimed at making the state adaptive to new technologies and send a message that The State of Arizona Welcomes users of such technology and it is matching steps with future technology as well.
He said that this step addresses each and every resident of the US as well as all others throughout the world that Arizona is going to be the place for Blockchain and digital currency technology in the future. Till now, any of the Government or revenue Department in the United States were unable to undertake such a Bold Step. The State of Arizona has pioneered and took the first step among The United States.
However, the bill puts the "Volatility Burden" of Bitcoin and other Cryptocurrency on the taxpayers who make their tax payments in US Dollar says Steve Farley, Arizona State Senator.
He said:" It would mean that the money goes to the state and then the state has to take responsibility of how to exchange it."This decision came when Bitcoin was suffering from one of its major dips and its price surged down to $5947.
Risks in the marketplace were high in early 2018 which lead to more interest from investors who saw an actual potential for big gains in cryptocurrencies. Bitcoin especially is currently suffering from several hardships and its journey in overall has impressed world leaders as it is proving many of its critics wrong.
Cryptocurrency expert, Joon lan Wong still believe in the potential of the Cryptocurrency and said that it could still be back on the track. He said, "Even the most ardent Bitcoin Supporter won't deny that it is greatly inflated at the moment in terms of valuation." He further added, " It has come down a lot from its December 2017 Highs but it is still eight times higher than it was around 12 months ago.
Bitcoin's current price has surged up 41% - (+$3,400) from its earlier low but the northenly trajectory has flattened leading to fears that it was not a recovery run but rather a temporary bounce back from an extended decline.
Mr. Wong added that despite several positive aspects of the cryptocurrency and remarkable reviews from many leaders, investors, experts, bitcoin and alt-coins still fall behind traditional currencies like U.S. Dollar and G.B. Pound Sterling in regards of liquidity or common use.
Speaking to BBC Radio 4's programme, he further added: "On one hand Bitcoin is kind of a Digital Gold, a store value." While " On the other hand, it is a decent way to exchange but not matching US Dollar or Great Britain Sterling."
Bitcoin's price may soon come under further regulation from the European Central Bank as concerns around Cryptocurrencies grow strong among financial policymakers and decision-makers.
Very informative post! Thanks for sharing.You can also visit cryptocurrency news to get the latest update on bitcoin or cryptocurrency.
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