Lawmakers of New Hemisphere pitched a new crypto tax payment bill. The bill was pitched earlier this month which its approval would enable state-level agencies and the state’s tax office to accept Cryptocurrency as payment.
The New Crypto Tax Payment Bill
The state of hemisphere could see the legalization of Cryptocurrency as money soon, through the crypto tax payment bill introduced by its lawmakers. Representatives Dennis Acton and Michael Yakubovich introduced the house bill 470 on January 3rd, and it seeks to enable the state agencies to accept Cryptocurrency for taxes and other fees through a third party.
The bill would see a change from the current status quo in the state. At the moment, New Hampshire’s agencies only accept US dollars as payment and the use of any other alternative would be returned to the sender. The bill will not be changing the present trend to state agencies accepting Cryptocurrency only but also allow the agencies to accept an undetermined number and type of Cryptocurrencies via an appropriate third party processor that will process the digital currencies at no cost to the state.
While there is a high expectation of the approval of the bill, its approval would see the state treasurer develop a plan for the agencies to integrate such payment between the date of approval and November 1, 2019.
Further, the approval of the bill would see the state proffering solution to the problem of the volatility of Cryptocurrencies. Cryptocurrencies are prone to frequent fluctuations at the moment which makes the market uninteresting for institutional investors. The bill noted that the taxes received by the state in Cryptocurrencies would be converted to US dollars immediately to fight the fluctuation issue or by continually monitoring Cryptocurrency level held by the state, for the state to utilize its inventory to manage state payment to vendors and payees.
The bill if approved will see implementation as from July 1, 2020, by enabling agencies to accept Cryptocurrency for payment.
Previous Failure Of Crypto Related Bills
Previously, efforts on this type of bill were futile, as it died at the committee level in the house due to opposition from some lawmakers In the year 2015.
Meanwhile, there has been progressing in positive crypto regulations by some states in the united states. Recently, the state of Wyoming passed a bill that approves the status of digital currency as a legal tender. Also, the states of Buckeye And Ohio have passed a bill that makes crypto tenable for tax payment.