It looks like the United States is getting Crypto friendly after all!
The House Subcommittee has unanimously approved the proposed bill’s amendments to allow residents of New Hampshire to pay taxes in Cryptocurrency.
The submitted bill titled HB 470, addressed accounting, valuation and management issues related to accepting Cryptocurrencies. It will now go up for discussion on November 1, 2019. All that’s needed once approved is to find a third party payment processor to process to the tax payments in Cryptocurrency at no cost to the state. If passed successfully it will be implemented by the beginning of July 1, 2020.
New Hampshire, Indiana, Ohio, and Wyoming are four states in America which are showcasing their pro Cryptocurrency policies. Ohio has already accepted business taxes to be paid in Bitcoin and Bitcoin Cash. New Hampshire and Indiana are now following their footsteps to enable taxes to be paid in Crypto.
It looks like these states realize the future of Cryptocurrency given the advantages it has compared to fiat currencies along with the vast appreciation of digital currencies throughout the world.
Many countries including the largest democratic country in the world – India could learn from legalizing Cryptocurrency. Nishal Shetty, the founder of p2p Crypto exchange WazirX, tweeted to the prime minister and finance minister of India describing New Hampshire’s pro-Crypto step.
Nischal Shetty, CEO of WazirX Tweeted:
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