A member of the Florida House of Representatives introduced a bill to Congress that would allow US fiscal authorities to accept tax payments in Bitcoin. Matt Gaetz explained that he was inspired by the results of the legislative reforms of the government of El Salvador and the positive results that the country's authorities have achieved since the recognition of Bitcoin as an official means of payment. Matt Gaetz's bill proposes to amend the US Internal Revenue Code of 1986 and require the Treasury Department to develop a plan to approve a flagship digital currency as a means of paying taxes and duties. The bill's provisions would introduce rules to "convert any amount of Bitcoin received into a dollar equivalent at the time payment is received."
âIf approved by Congress, the new law will modernize the tax system. It will allow conscientious taxpayers to use Bitcoin to pay their federal taxes, while allowing the government to promote innovation, improve the efficiency of the financial system, and offer greater flexibility to American citizens. âThis is a bold step towards a future where digital currencies will play a vital role in ensuring that the United States leads the vanguard of technological progress,â the congressman who presented the project proclaimed to his colleagues. Colorado state authorities implemented the ability to pay taxes and government fees in cryptocurrency three years ago. Then the initiator of the reforms was the state governor Jared Polis.
