Thursday, July 18, 2019

New Hampshire Unanimously Approves a Bill to Pay Taxes With Cryptocurrencies

New Hampshire, a U.S. state in New England has unanimously approved a bill that was introduced on January 3, to allow cryptocurrencies to be used for tax payments. However, House bill 470-FN will still need to go through the state’s Administration Committee to receive final approval.

New Hampshire Joins Wyoming to Introduce a Bill Targeting Crypto

New Hampshire like Wyoming, recently introduced a bill targeting cryptocurrencies. But this time, it is in the area of taxes and fees. According to the content of House bill 470-FN, the state treasurer is to implement a plan that will allow cryptocurrencies to be used for tax payments before July 2020.

In line with that, a recent video publicized on YouTube shows that legislators of the state have unanimously approved the bill. Nonetheless, the final approval lies with the state’s Administration Committee. Therefore, if House bill 470-FN is approved, New Hampshire will fall in second after Ohio who is already accepting bitcoin for taxes.

Ohio, First U.S. State to Accept Bitcoin for Tax Payments

Ohio, as the first state in the U.S. to accept Bitcoin for tax payments, may have triggered the actions of New Hampshire. As BTCNN earlier stated, more states adopting the virtual asset may encourage others to the do the same as well. Besides, Overstocks, a retail company in January revealed that they would be taking advantage of Ohio’s platform to pay part of their corporate tax this month.

BTCNN on February 2  also informed of Wyoming’s classification of cryptocurrencies as legal property. Thus, individuals have the right to store their assets themselves, and even banks can hold these assets in trust funds. In the same vein, companies in the industry will be able to operate without incurring a legal cost finally.

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Wyoming Classifies Cryptocurrencies as Legal Property

On January 14, it was also reported that Wyoming had introduced two bills and one of such, is the  “Financial technology sandbox”. The bill aims to create less stringent regulations for Fintech companies. Moreso, it is believed that this will bring about advancement in financial technology.

While all these may be exciting news, some people have been sceptical about the recent development in these states. Some are of the opinion that it is the state’s way of giving Fintech and blockchain companies the impression that they are crypto friendly. Others, however, have pointed out that it makes some laws applicable to money to be used in cryptocurrencies especially in cases such as money laundering.

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

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