According to the Arizona House of Representative Senate Bill SB1091, Arizona state residents will be allowed to pay their taxes with cryptocurrency.
The bill has now passed the first of the three stages of hearing that are required in order to be adopted. The project is support by the Republican legislator, which increases its likelihood of adoption, as a majority of the house in on the Republican side.
Although the bill allows residents to pay their taxes in cryptocurrency, it also specifies that government officials must exchange the coins into US Dollars within 24 hours of receiving the payment.
Fox News Cited Republican Jeff Weninger, who wants to make Arizona the “place to be” in blockchain:
“It’s one of a litany of bills that we’re running that is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for block chain and digital currency technology in the future.”
He also stated that one of the reasons the state residents should be able to pay with digital currency is the ease of use,
“The ease of use, being able to do it in the middle of the night, being able to do it at home while you’re watching TV. I think in a few years this isn’t even going to be a question.”
This is not the first governmental move towards cryptocurrency. The Marshall Islands even adopted a cryptocurrency as their official federal currency.