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Arizona: Request for tax payment

article have with Kryptowährungen:

a draft of law on the acceptance of Kryptowährungen in the tax system was filed In the U.S. State of Arizona. According to the draft of the Bill should be in the future allowed citizens of Arizona, to pay their taxes with Bitcoin, Litecoin and other Kryptowährungen.

As you can see a Bill there are efforts to make possible the payment of taxes in Kryptowährungen in the future in Arizona. If the proposal succeeds, the State in the southwest of the United States would be the first in the country, which allows such an approach.

Jeff Wenniger, one of the initiators of the Bill, expressed optimism: “it’s one of many designs that we send signals to everyone in the United States and the world, that Arizona is a place for the Blockchain technology and Kryptowährungen “.” Here an excerpt from the application:

“taxpayers should pay their taxes with a payment provider such as for example bit coin, Litecoin or other Kryptowährungen. The Department must then cast the Kryptowährungen in US dollars at the current rate. The amount of material be written then on the tax account of respective citizens.”

One of the relevant senators, Steve Farley, but expressed concerns regarding draft:

“if we had a law, that people would allow, to pay their taxes, which would be a burden for all other taxpayers directly with Bitcoin. Namely, that would mean that all Kryptowährungen directly to the State go. The State would then ultimately also the responsibility, to swap bit coin in US dollars.”

Draft seems not yet mature

the Senate has already approved the design. The request is now on the way to the House of representatives.

If the design is successful, this is a positive signal for the adaptation of Kryptowährungen. It seems however that he is not yet mature. Just Steve Farley’s concerns are not unfounded. Exact payments currently as difficult can be due to the fluctuations. This issue combines with the scaling problems of Bitcoin – until the tax-transaction would actually arrive in the State, he could at least as regards the conversion into US dollars, once again have lost their value.


Phillip Horch Phillip

 Phillip Horch Horch has completed his master’s degree in literature-art media at the University of Konstanz in the October 2017, and has since worked as a freelance journalist. Already during his studies, he has written for various magazines and now taking hold in Berlin. In the focus of his journalistic work, particularly the opportunities and challenges are so that it deals with the complex subject of Blockchain and Kryptowährungen for some time.

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