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Paying taxes with Bitcoin?

If passed, according to Arizona Senate Bill 1091, you’ll be able to pay your taxes with Bitcoin if you’re an Arizona resident. This is significant as it would legitimise cryptocurrencies, such as Bitcoin, as a currency and not only a commodity or crypto asset. However, this is hardly surprising as the Internal Revenue Service (IRS) claimed only 0.04% of US tax filers reported any cryptocurrency loses and gains. This is contrasted again the 7% or higher of Americans who have traded Bitcoin or other cryptocurrencies. Governments are losing out on the action so why wouldn’t they want a piece of the action?

Greedy governments or another step towards Bitcoin and other cryptocurrencies as legal tender?


Disclaimer: CoinCompass isn’t a financial adviser nor a money transmitter and will never provide investment advice. Do your own financial research of what and when to buy.

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