Arizona Becomes First State to Allow Tax Payment in Bitcoin | Cointific.com

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Arizona Becomes First State to Allow Tax Payment
in Bitcoin
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Arizona Becomes First State to Allow Tax Payment
in Bitcoin
Arizona has always been a blockchain-friendly
state and it has proposed many bills in the past
that support cryptocurrencies and smart
contracts. The state has also passed a bill in
April according to which the state recognizes the
cryptocurrency as normal currencies and not
commodities.
Digital currency is already being used for
payments of pizzas, flight tickets, movies etc.
In the same way, it should be used to pay taxes
according to the State Representative of Arizona,
Jeff Weninger. In an act to revolutionize the
taxpaying system, Arizona proposed a bill which
will legalize the payment of taxes in Bitcoin and
other cryptocurrencies.
The bill has been passed by the senate finance
committee. All these bills passed by Arizona are
their way of sending the signal to the US and
probably everyone in the entire world that
Arizona is taking a step towards the future by
accepting blockchain and digital currencies. Jeff
co-sponsored the bill which was passed with 4 to
3 margin by the committee. He also said that
after the bill is passed tax payment will become
very easy, it could be done while watching TV or
even in the middle of the night and in a few
years, the issue wont even be a question.
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 NEM's multisignature smart contract

• Another flaw in Coincheck's policy was the
  failure to implement NEM's multisignature smart
  contract, which added an additional layer of
  security. NEM officials made it clear that they
  are not going to activate a hard fork due to
  Coincheck's negligence of security.
• However, Coincheck is trying to reimburse the
  investors for their funds. Though it is not known
  if the reimbursement would be full or partial,
  Coincheck has made it clear that it would not let
  the investors suffer. Since Coincheck is
  account-based exchange instead of anonymous, it
  is possible to tag accounts from whom the coins
  were stolen and try to reimburse them.

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Digital currency are increasingevery day

• Every day the active users of digital currency
  are increasing and the owner of Tag Employer
  Services Jack Biltis thinks that it is the way of
  the future. According to him, any new technology
  scares people at first, just like the internet.
  But after 20 years, only those become successful
  who were at the forefront and encouraged it. Tag
  Employer Services allows their employees to get
  paid in Bitcoin and also invest in their 401(k)
  retirement plans partly into Bitcoin.

• Though the bill has been passed it wasnt
  unanimous. Steve Farley, Arizona State Senate
  Minority Leader thinks that if the Bitcoin
  crashes, the passing of this bill will put
  taxpayers at risk. Also, when the taxes are paid
  in Bitcoin, the money goes to the state and it is
  the states responsibility to exchange it. It is
  an added burden on the state. According to him,
  US dollar should be enough for anyone paying the
  taxes.

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Arizona Becomes First State to Allow Tax Payment
in Bitcoin
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