Florida Republican Matt Gaetz on Tuesday introduced a bill to allow federal income taxes to be paid using Bitcoin (BTC). The proposed legislation requires the US Secretary of the Treasury to establish a program that facilitates the payment of taxes in BTC. For now, only Colorado allows the use of cryptocurrencies to pay taxes.
Florida Republican Matt Gaetz introduced a bill on Tuesday to allow federal income taxes to be paid using Bitcoin (BTC). The proposed legislation requires the U.S. Treasury Secretary to establish a program that would facilitate paying taxes in BTC. For now, only Colorado allows the use of cryptocurrencies to pay taxes.
Arman ShirinyanThe announcement did not go unnoticed by the crypto community. Billy Markus, co-creator of Dogecoin and known as Shibetoshi Nakamoto, expressed his support for the idea, stating his preference for paying taxes with Ethereum (ETH) instead of converting it into cash. This view highlights a turbulent demand to integrate digital currencies into standard financial transactions.
Gaetz’s proposal comes as cryptocurrencies gain greater acceptance. If enacted, this bill would represent a significant change in tax payment methods, aligning with the interests of cryptocurrency enthusiasts who prefer to use digital assets directly.
Does everyone win?
Paying taxes with Bitcoin or Ethereum could help taxpayers avoid the complications and potential losses associated with converting cryptocurrencies to fiat currency at volatile market rates. From another perspective, this option may offer a simpler method of handling tax obligations to the government with digital assets.
Gamza KhanzadaevThe progression of this bill will be closely watched by cryptocurrency enthusiasts on the one hand and policymakers on the other, marking a potential step toward broader acceptance and use of digital currencies. in one of the largest financial systems.
