Lawmakers in Arizona have advanced a proposal that would allow residents in the state to pay their taxes in bitcoin.
CoinDesk reported earlier this month that a proposed law before the Arizona legislature would, if approved, let taxpayers make their payments in bitcoin or other cryptocurrencies. The bill was submitted on Jan. 9.
“The Department [of Revenue] shall convert cryptocurrency payments to United States dollars at the prevailing rate within twenty-four hours after receipt and shall credit the taxpayer’s account with the converted dollar amount,” the text of the bill reads.
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