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People Of Arizona State Might Pay Taxes In Bitcoins

Feb 09, 2018 Posted /  2842 Views

People Of Arizona State Might Pay Taxes In Bitcoins

Arizona is considering a bill that suggests accepting bitcoins or other cryptos for the purpose of tax payment. This might change the government’s point of view for cryptocurrencies. With the effect of amendment of the bill, the population of Arizona would be able to pay taxes with Bitcoins and government officials might start considering virtual tokens as a currency instead of a commodity.

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In an interview with FoxNews the  Arizona State Representative, Jeff Weninger said that with the passage of the bill the people of state won’t face any issue while paying taxes. He further said that one would be able to pay taxes even in the middle of the night. He believes that with the passage of time this technology will be accepted.

“The ease of use, being able to do it in the middle of the night, being able to do it at home while you’re watching TV. I think in a few years this isn’t going to even be a question.” – Jeff Wenninger

Founder of Tag employer services, Biltis stated that they process salaries in Bitcoins and also allow to invest a part of it in cryptos. They are happy to be part of the evolving technology. He further added that cryptocurrencies allow a person to transfer money instantly thus he believes that this technology can be a substitute for an inefficient banking system.

On the other hand Arizona’s State Senate minority leader, Steve Harley warned that acceptance of bill can be a risky affair as system’s collapse can result in huge loss for taxpayers. He further added that Fiat currency is enough to operate in the taxation system.

Considering the risk factor involved Biltis commented that in the beginning, almost every technology seems scary including internet, but as we realize its importance, it becomes part of our life. He believes that in the upcoming future whosoever will embrace it will lead a successful life.

The blockchain is shared digital ledger that allows every system to access data but can not manipulate it. Till now various nations have accepted this technology for various sectors such as education, land records etc.

As per world economic forum, first-time collection of taxes by the government will take place in the year 2023. But if Arizona initiates this process then most probably taxpayers will enjoy benefits of Blockchain in just 2 years.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Cryptocurrencies Taxes In Bitcoins bitcoin digital ledger Fiat currency

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