What does the New Cryptocurrency Bill Say?
Current regulations of New Hampshire mandate the state agencies to accept fees and tax payments in terms of US Dollars only. If anyone makes payment to state agencies through currencies other than US Dollars then that will not be accepted and indeed returned back to the sender.
Reports say if the House Bill 470 is passed then the state agencies will have to accept cryptocurrencies (undetermined type and number) via “an appropriate third party payment processor that will process cryptocurrency transactions at no cost to the state.”
The bill considers the currency valuation risk associated with the high volatility in crypto prices against the US Dollar. That’s why text of the bill says:
“Tax payments received by the state would need to be converted to U.S. dollars or alternatively, mitigate such risk by continually monitoring cryptocurrency levels held by the state to ensure there is as much demand for state payments to vendors and payees as the state has in its ‘inventory’.”
If the concerned bill is passed then the state agencies have to accept cryptocurrencies as payments for tax and other fees in terms of cryptocurrencies too. The state agencies have to start accepting cryptos for fees and tax payments from July 1, 2020. Reports say that hearing of the bill will take place on January 23, 2019 (today). However, till press time no update is available on the matter.
If New Hampshire successfully passes the House Bill 470, introduced by Representatives Dennis Acton and Michael Yakubovich, the state will join Ohio in accepting payments in Bitcoin and other cryptocurrencies.
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