US States Shelve Plans To Accept Bitcoin Tax Payments Amid Crypto Crash
— Contract, Cryptocurrency investors, Policy analyst, Tax authorities, Legislature, Viable mediums, Bitcoin — 1 min read
Colorado and Utah are implementing programs to enable businesses and individuals to pay their tax bills with virtual currencies such as Bitcoin, Ether, and Dogecoin. The two Western states look to be outliers, however, and still face some logistical hurdles before their programs launch. The value of the global cryptocurrency market below $1 trillion from a $3 trillion peak last November. Bitcoin alone has plummeted more than 70% since Nov. 9. A chorus of fiscal watchdogs, academics and crypto skeptics is now warning lawmakers against initiatives that might put state treasuries and taxpayers at risk. The rationale for tax payments in cryptocurrency has always been thin. Digital currencies are relatively new, highly volatile, and remain a mystery to most consumers, Reiners said. Source