State of Georgia Will Accept Cryptocurrency for Tax Payments

The bill will not be limited only to Bitcoin.

by Viko
24 February • 1 min
In News
Two Republican senators have introduced a revolutionary bill which validates not only Bitcoin but many cryptocurrencies as a legal tax and license payment method.

According to the document submitted by Joshua McKoon and Michael Williams, all cryptocurrencies that use "peer to peer system" should be considered a legitimate way of payment.

There is a requirement - conversion to US dollar within 24 hours. Earlier this month, another American state - Arizona have issued similar bill allowing payments with Bitcoin, Litecoin "or any recognized cryptocurrency". It has passed three readings and is on the verge of being accepted, making Arizona the first US state to accept crypto payments.

Cryptocurrencies are no longer taxed as property in the state of Wyoming which is considered step into accepting it as a payment there also, experts note.