Hey ninjas, how’s the trading going? A bill that would have allowed the use of Bitcoin to pay taxes has failed in the state of New Hampshire. The decision to retract the bill was announced on the 8th of January by the New Hampshire House of Representatives after the General Courts Executive Departments and Administration deemed the initiative unsuitable for legislation.
Per the public records, the bill was considered unsuitable because of the high risk associated with Bitcoin, explain that if the bill was adopted they would no longer be able to determine expenditures.
The expenditure of the DRA (Department of Revenue Administration) would no longer be able to be measured. Bill NH HB470 was sponsored by members of the Republican party Dennis Aton and Michael Yakubovich and was set to take effect from the 1st of July 2020, it originated from a similar bill that was also deemed unsuitable back in 2015. Bill HR552 was voted down 13-4 and deemed “inexpedient to legislate” at the end of 2015.
Though the bill that would have enabled the residents of New Hampshire State to pay their taxes using Bitcoin has failed to pass twice, the state of Ohio became the first state to accept cryptocurrencies for tax payments.