New Hampshire bill would legalize Bitcoin for tax payments

24 Jan, 2019
by Richard Allen
Regulation
New Hampshire bill would legalize Bitcoin for tax payments

According to documents originally published earlier this month, lawmakers in the US state of New Hampshire have introduced a bill to legalize the payment of taxes in Bitcoin, Finance Magnates reports.

Introduced by Republican state senators Dennis Action and Michael Yakubovich, the bill had a public hearing on January 23 and is set for a review by a sub-committee on January 29. The due date for a decision is set for March 14.

The bill explains that payments received in cryptocurrencies will be converted to US dollars using a third party payment processor, meaning that government agencies will receive fiat currency.

If approved, the state treasurer has until November 1 to come up with a plan to implement the new payment method.

“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,” the bill states.

Last year, Ohio became the first US state to accept the payment of taxes in Bitcoin. Similarly, a new Russian draft law would allow businesses in the IT, AI and the blockchain industries to use cryptocurrencies for payments.

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Read more about:Bitcoin (BTC)

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