New Bill To Legalize BTC For Statement Payments In
New Hampshire lawmakers in the United States are reportedly considering a new bill that would legalize payment of fees and taxes in Bitcoin. The world’s leading cryptocurrency will be utilized specifically in state payments in 2020. The revelation was made via documents published recently.
Introducing NH HB470
Called NH HB470, the bill is currently paving its way through the local government’s very own chambers. It also got a public hearing to introduce, which took place on January 23. A subcommittee is even expected to examine the bill come January 29, with a deadline that is set for a decision come March 14. The details are summarized in the passage directly taken from it.
The bill is being sponsored by two Republicans, namely, Dennis Acton and Michael Yakubovich. In addition, its latest attempt is to get the aforementioned state to accept the above-mentioned digital currency for state payments. Interestingly, it is not entirely a new idea, especially since it first came up sometime in 2015.
Producing an Implementation Plan
Basically, the bill would require the State Treasurer to come up with an implementation plan that would allow the state of New Hampshire to accept cryptos as payments for fees and taxes. And if successful, this idea would officially begin on July 1, 2020.
The bill is believed to address a handful of issues ranging from accounting, management, and valuation. At the same time, it will have the ability to identify the adequate third-party payment processor. The latter, in particular, will be responsible for accepting and processing digital currency payments – all of which will be done at no cost to the state. Above all, the State Treasurer is expected to submit the plan directly to the Governor, House, and the Senate come November 1 this year.
New Hampshire, which also known as the Granite State, will have renewed efforts on Bitcoin. This will come at a time when most local governments across the country are planning to move forward with their own path towards the industry.
The Future
It should be noted that Wyoming is becoming the leader in jurisdictions, especially since it has a more aggressive approach towards the issue. The state recently introduced a bill that is aimed to legalize and define cryptocurrency as money.
As far as the national level is concerned, the current situation is still a huge patchwork. This is most especially the case since many commentators and businesses are clamoring about the less than idyllic regulatory landscape built by the likes of Securities and Exchange Commission or SEC.