New Hampshire Introduces A Bill To Legalize Tax Payments Using Cryptocurrency
New Hampshire joins the list of ever-growing crypto-friendly US State as a bill to legalize tax payments and state fees by utilizing cryptocurrencies has been proposed in the state.
The state senators, Dennis Acton, and Michael Yakubovich introduced the House Bill 470 on January 3rd. The public hearing on the bill occurred on Wednesday. With a deadline set for March 14th, a sub-committee will review the bill on January 29th.
To safeguard both state and citizens from the volatility of cryptocurrencies the bill includes a provision to enable conversion of cryptocurrencies received for bill payments into US dollars via third-party payment processor. If passed, it will come into effect as of July 1st, 2020. The bill states,
“The plan shall address any accounting, valuation and management issues and also identify an appropriate third party payment processor that will process cryptocurrency transactions at no cost to the state. The State Treasurer is required to submit the plan to the Governor, House, and Senate by November 1, 2019.”
“Tax payments received by the state would need to be converted to U.S. dollars or alternatively, mitigate such risk by continually monitoring cryptocurrency levels held by the state to ensure there is as much demand for state payments to vendors and payees as the state has in its ‘inventory’.”
Such bills and the subsequent inclusion of cryptocurrencies into the legal system of the United States might seem smaller feat, but these feats are necessary to evolve a bigger picture that supports mainstream cryptocurrency adoption.
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