Lawmakers in the U.S. state of New Hampshire have introduced a bill to legalize Bitcoin; with special focus on its use for payment of fees and taxes.
The bill coded NH HB470 is chiefly sponsored by two Republican senators – Dennis Acton and Micheal Yakubovich and is currently being assessed by the local chambers with a public hearing of the bill done on Wednesday, January 23; propositions from the bill are due to be reviewed on January 29 with a deadline for final decision set for March 14.
Specifying the aim of the bill, the chamber explains that the bill is an attempt to promote the acceptance of Bitcoin payments in the state of New Hampshire and by state agencies; an idea which has been in the books since 2015.
According to an official statement, it reads:
This bill requires the state treasurer to develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees beginning in July 2020. 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.
More U.S States Enforcing Crypto-Friendly Trends
New Hampshire’s latest adoption efforts come at a time when more U.S States are choosing to independently forge their own paths in the crypto and blockchain industry.
State lawmakers across the country’s low chambers see cryptocurrencies as an alternative form of money which offers easy and digitally cheap transfer of value; devoid of the current long settlement process and high fees associated with fiat. Most opine that while the U.S. government at the national level is yet to make any clear decisions for the industry, setting up prototypes and early adoption will pitch their states in forefront for potential gains and offer the government a sample road-map for its decisions.
New Hampshire is not the only U.S state taking the initiative, other states notably Ohio – first state to legalize tax payments in crypto and Wyoming – which last week passed a bill to legally define crypto as money as well as issue blockchain-based tokens for stocks; as these states continue to set the pace for adoption in the country.
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