In order to pay taxes, Illinoisians is now Legalizing Cryptocurrency Payments
Zalewski introduced the bill on March 5 assigning to the Revenue & Finance Committee since there’s “real potential” for digital currency and the blockchain technology that serves as its public transaction ledger to improve the state’s financial transactions.
“If it’s applied properly, there’s scope here for our government to run in a more well-organized manner, more transparently, and faster. Especially with tax payments, it would be helpful to notice the time where taxes paid and a log of the transaction from point A to point B. It can lead to some better outcomes.”
A consultant of the chamber of digital Commerce, Rumi Morales, a D.C. based trade association representing the blockchain industry, says she likes the bill’s spirit but finds the current language lacking. “I’m wholly supportive of what Illinois is doing so far now as supporting blockchain and cryptocurrencies—it’s attracting jobs and talent, and it’s the wave of the future,” she added. “But this bill needs more specifics.”
Zalewski admitted that the work of the bill is in progress saying:
“We have a lot of work to do on the bill, that’s the reason it’s filed as a discussion topic. We’re at the spear tip of technology here,”
This “Bitcoin Bill” was inspired by a similar kind of bill submitted to the Arizona state council in January and a month later Georgia’s Senate took the same action. New Hamshire also received a proposal in 2016 which failed due to the concerns of the variable nature of the cryptocurrency market which could involve the state’s ability to receive a payment.
New Hampshire Liberty Party co-founder Darryl Perry, during testimony regarding a bill, questioned whether the government could allow cryptocurrencies for payment rather than using precious metals like silver and gold.”How long do we follow the same system? Will we go down this slippery slope to anything of value, and then I could take a carton of eggs and pay my $5 parking ticket?” he said.
There are no physical objects involved in Bitcoin trading system which makes it different from the traditional barter system. Bitcoin in the coin form only exists online. The price of a single Bitcoin has a very high value which would make it easier for the Illinoisans to pay their taxes using a single coin.
According to experts, Bitcoin remains the father of all cryptocurrencies with just about a third of the $710 billion market. However, there are around 40 other alt-coins worth $1 billion each which includes Dogecoin, introduced as a joke is now valued at $1.7 billion.