Georgia Becomes the Latest US State to Legalize Cryptocurrency in Paying Taxes | Cointific.com

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Georgia Becomes the Latest US State to Legalize
Cryptocurrency in Paying Taxes
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More US states are getting onboard with
cryptocurrency as a legal tender.
The US state of Georgia might soon start
accepting cryptocurrency into government
machinery, like while paying taxes or for
licenses. Recently, a bill (titled Senate Bill
464) was introduced in the assembly by
Republican state senators Michael Williams and
Joshua McKoon. The bill proposes that
cryptocurrency as a valid payment for both taxes
and licenses. Bitcoin was mentioned in the
bill, but more cryptocurrencies could be
included as long as they used the electronic
peer-to-peer system. The bill also proposes that
the coins received must be converted into US
dollars within a time frame of 24hours.
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similar bill was recently introduced in the state
of Arizona that allowed cryptocurrencies like
Bitcoin,
It is interesting to note that a similar bill
was recently introduced in the state of Arizona
that allowed crypto- currencies like Bitcoin,
LiteCoin, and others to be valid while paying
for income taxes. The clause for "electronic
peer-to-over system" and "conversion into US
dollars within 24 hours" was also present in
the bill. In fact, the bill already passed the
third reading (though by a narrow margin). If
all things went well, Arizona would soon become
one of the pioneer states of cryptocurrency in
the USA.
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Since 2014, cryptocurrency was under the federal
classification as a taxable property
Something different but equally important
occurred in Wyoming recently, where a
legislation declassified cryptocurrency from
taxable properties. Since 2014, cryptocurrency
was under the federal classification as a
taxable property like land and luxury items.
However, they now fall under the list of
"intangible items" that also include gold and
cashier's checks, among other things.
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Click on the link below to know more about
Cryptocurrency Market Is Expected to Reach 1
Trillion
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