Bitcoin As Federal Tax Payment Method? Congressman Presents New Legislation

Quick Summary:

In a significant development for the crypto industry, Republican Congressman Matt Gaetz is set to introduce a new bill allowing federal income tax payments to be made using Bitcoin (BTC).

The proposed legislation also acknowledges the growing trend among some states, such as New Jersey, Kentucky, and Colorado, to implement their crypto tax regulations, including accepting cryptocurrency as a means of tax payment.

Trump recently voiced his opposition to President Joe Biden’s “war on crypto” and pledged to support the growth and development of crypto and Bitcoin within the United States.

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Article Details

Author / Journalist: Ronaldo Marquez

Category: Crypto

Markets: HungaryEl SalvadorUnited States

Topics: Btcusd Bitcoin News Bitcoin news Bitcoin price Crypto Btc Crypto news Digital currency BTCUSDT Bitcoin Cryptocurrency DeFi Crypto regulation

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-26 @ 04:00:18 (3 days ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 448 words

Reading Time: 3 minutes read

Sentences: 28 lines

Sentence Length: 16 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 21391406

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About Bitcoinist

Main Topics: Crypto

Official Website: bitcoinist.com

Update Frequency: 11 posts per day

Year Established: 2014

Headquarters: Hungary

News Last Updated: 8 hours ago

Coverage Areas: Hungary

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #105

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