New Hampshire Bill Proposes Legalization of Crypto Payments
- If passed, the state agencies will start accepting cryptocurrencies from July 1, 2020.
In an attempt to promote digital assets, lawmakers in the US state of New Hampshire have introduced a bill to legalize Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and taxes in Bitcoin and other cryptocurrencies in the state agencies.
The bill was introduced on January 3 by two Republican state senators Dennis Acton and Michael Yakubovich and had a public hearing on January 23.
According to the summary of the bill, it is due for a review by a sub-committee on January 29, with a due date for a decision set for March 14.
The bill mentions that the payments received with cryptocurrencies will be converted to US dollars using a third party payment processor and the state agencies will receive fiat currencies.
If passed, the state treasurer has to come up with a plan by November 1 for the state agencies to accept digital payments.
“The plan shall address any accounting, valuation and management issues and also identify an appropriate third party payment processor that will process cryptocurrency transactions at no cost to the state. The State Treasurer is required to submit the plan to the Governor, House, and Senate by November 1, 2019,” the bill stated.
US States are Favouring Crypto
This is not the first such bill in New Hampshire as a similar bill, to accept Bitcoin, was tabled in 2015. The bill, however, did not pass the review committee as many lawmakers were skeptical about the digital assets.
Last year, Ohio became the first US state to legalize tax payments in Bitcoin. Welcoming the initiative, Overstock, an online retailer and parent company of multiple Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term startups, became one of the first corporations to pay its taxes in digital currencies.
The state of Wyoming also introduced a bill recently to clarify the definition of cryptocurrencies classifying them into various categories.
In an attempt to promote digital assets, lawmakers in the US state of New Hampshire have introduced a bill to legalize Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and taxes in Bitcoin and other cryptocurrencies in the state agencies.
The bill was introduced on January 3 by two Republican state senators Dennis Acton and Michael Yakubovich and had a public hearing on January 23.
According to the summary of the bill, it is due for a review by a sub-committee on January 29, with a due date for a decision set for March 14.
The bill mentions that the payments received with cryptocurrencies will be converted to US dollars using a third party payment processor and the state agencies will receive fiat currencies.
If passed, the state treasurer has to come up with a plan by November 1 for the state agencies to accept digital payments.
“The plan shall address any accounting, valuation and management issues and also identify an appropriate third party payment processor that will process cryptocurrency transactions at no cost to the state. The State Treasurer is required to submit the plan to the Governor, House, and Senate by November 1, 2019,” the bill stated.
US States are Favouring Crypto
This is not the first such bill in New Hampshire as a similar bill, to accept Bitcoin, was tabled in 2015. The bill, however, did not pass the review committee as many lawmakers were skeptical about the digital assets.
Last year, Ohio became the first US state to legalize tax payments in Bitcoin. Welcoming the initiative, Overstock, an online retailer and parent company of multiple Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term startups, became one of the first corporations to pay its taxes in digital currencies.
The state of Wyoming also introduced a bill recently to clarify the definition of cryptocurrencies classifying them into various categories.