Lawmakers in New Hampshire have recently introduced a bill to legalize tax payments and state fees by utilizing cryptocurrencies.
Dennis Acton and Michael Yakubovich where the state senators who introduced the House Bill 470 during January 3rd, during a public hearing on the bill occurred on Wednesday.
The bill will be reviewed by a sub-committee sometime during January 29th, while a deadline for a decision set during March 14th.
Due to the ongoing market volatility and crypto price fluctuations, the bill says that cryptocurrencies received for bill payments will be converted through US dollars utilizing a third-party payment processor. If the bill is successfully passed, state agencies would be able to start accepting cryptocurrency as of July 1st, 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.”
“Tax payments received by the state would need to be converted to U.S. dollars or alternatively, mitigate such risk by continually monitoring cryptocurrency levels held by the state to ensure there is as much demand for state payments to vendors and payees as the state has in its ‘inventory’.”
US lawmakers continue to take cryptocurrency as a serious subject as time goes on. With the continuing success of business and technology surrounding the crypto scene and the vast improvements it’s had in the financial side of things, it’s no wonder US lawmakers have taken a clear interest in the growth of crypto and wish to implement it into their states.
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