Bitcoin can be used to pay for a pizza, Rolex watches, and even flights. Now, pretty soon in New Hampshire, you may be able to use the flagship cryptocurrency to pay your taxes, according to Finance Magnates.
New Hampshire has joined the growing list of US states looking to pave the way to allow virtual currencies as payment for taxes. Legislators have proposed a bill that would allow the state’s taxpayers the option to pay their taxes in Bitcoin.
Public records show that the House Bill No. 470 – sponsored by representatives Michael Yakubovich and Dennis Acton – was submitted for consideration on the 3rd of January 2019.
The bill was introduced to the house yesterday on Jan. 23. That preliminary stage will follow a review by a subcommittee on January 29, before a final decision is announced on Mar. 14.
If signed into law, this bill would make New Hampshire the third U.S. state to pass a bill that allows residents to pay their taxes with Bitcoin.
The implementation date is set on or before Nov. 1, 2019. The bill reads in part:
“This bill requires the State Treasurer to develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees beginning July 1, 2020.” “The State Treasurer is required to submit the plan to the Governor, House, and Senate by November 1, 2019,” it continues.
How exactly the state treasurer will implement a plan for all state agencies to start accepting BTC remains a bit of a mystery.
Changing public perception
As previously reported by Coindoo, Ohio was the first state to accept Bitcoin for sums owed to the state government.
The adoption of Bitcoin by Ohio, Arizona, and New Hampshire could convince the public that with robust infrastructure and appropriate measures, Bitcoin can operate as a legitimate currency.
In regions like North Korea, Iran and Venezuela that are suffering from US economic sanctions, digital coins are appealing to the mainstream.
Image from Flickr.