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Georgia Becomes the Latest US State to Legalize Cryptocurrency in Paying Taxes | Cointific.com

More US states are getting onboard with cryptocurrency as a legal tender.<br>

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Georgia Becomes the Latest US State to Legalize Cryptocurrency in Paying Taxes | Cointific.com

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  1. Georgia Becomes the Latest US State to Legalize Cryptocurrency in Paying Taxes

  2. The US state of Georgia might soon start accepting cryptocurrency into government machinery, like while paying taxes or for licenses. Recently, a bill (titled Senate Bill 464) was introduced in the assembly by Republican state senators Michael Williams and Joshua McKoon. The bill proposes that cryptocurrency as a valid payment for both taxes and licenses. Bitcoin was mentioned in the bill, but more cryptocurrencies could be included as long as they used the electronic peer-to-peer system. The bill also proposes that the coins received must be converted into US dollars within a time frame of 24hours. More US states are getting onboard with cryptocurrency as a legal tender.

  3. It is interesting to note that a similar bill was recently introduced in the state of Arizona that allowed crypto- currencies like Bitcoin, LiteCoin, and others to be valid while paying for income taxes. The clause for "electronic peer-to-over system" and "conversion into US dollars within 24 hours" was also present in the bill. In fact, the bill already passed the third reading (though by a narrow margin). If all things went well, Arizona would soon become one of the pioneer states of cryptocurrency in the USA. similar bill was recently introduced in the state of Arizona that allowed cryptocurrencies like Bitcoin,

  4. Something different but equally important occurred in Wyoming recently, where a legislation declassified cryptocurrency from taxable properties. Since 2014, cryptocurrency was under the federal classification as a taxable property like land and luxury items. However, they now fall under the list of "intangible items" that also include gold and cashier's checks, among other things. Since 2014, cryptocurrency was under the federal classification as a taxable property

  5. Click on the link below to know more about Cryptocurrency Market Is Expected to Reach $1 Trillion https://in.pinterest.com/coinsistan/

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