A bill has been introduced by the Ohio House of Representatives which seems to indicate that they’re pressurizing the government to adopt blockchain technology, sponsored. The former Ohio Treasurer, Josh Mandel explained regarding Overstock’s plan to offer Ohio to accept bitcoin as taxes payment, “We applaud Overstock for becoming the first national brand in America to register to pay taxes via cryptocurrency.”
President of United States Of America Donald Trump has proposed a new remittance tax, which will push immigrant to adopt cryptocurrency to send money outside the country. Kris Kobach, Kansas secretary of state explained, “The threat if we follow through on it. That is the threat of ending remittances from the majority of people in the United States from Mexico who are here illegally.”
The authorities in Italy have recently shares that they might be implementing blockchain technology to combat tax evasion in the country. The implementation of blockchain technology will enable the authorities to track the black money and tracking the cryptocurrencies using blockchain operation which will help in protecting the public and nation’s economy.
A town located in Ontario, Innisfil have recently shared they will be accepting cryptocurrencies as a payment method for property taxes. A pilot project which will enable the process of accepting bitcoin for tax payments has been approved in collaboration with a Toronto-based company. The other major cryptocurrencies such as Ethereum, Litecoin, Bitcoin Cash and Ripple will be accepted soon.
The bill which proposed the state’s resident to pay for their taxes in cryptocurrencies submitted by two U.S representative from New Hampshire has been approved following the steps taken by Ohio that also accepts cryptocurrency payment for taxes. The newly-approved bill has allowed the state residents to pay for taxes in cryptocurrencies from 2020.
A bill that proposed the usage of cryptocurrencies for tax payments purposes has been introduced in Indiana and New Hampshire. The bill requires approval from the state government before being fully implemented. The authorities also require to set-up a framework to allow the usage of digital currencies for tax and fee payments by July 1st 2020.
As an effort in encouraging the development of blockchain technology, South Korea has recently announced its new initiative which offers tax incentives for blockchain development purposes. A report that was published have explained that the updated tax law introduced by the Ministry of Strategy and Finance in the country will be effective from this February.
A cryptocurrency firm based in the US, Overstock.com have announced that the firm will be paying part of its business tax using bitcoin. Its CEO, Patrick Byrne then explained, “The governmental adoption of emerging technologies such as cryptocurrencies is the best way to ensure the U.S. does not lose our place at the ever-advancing global economy.”
The Australian Tax Office (ATO) has warned the cryptocurrency traders in the country to declare their trading gains. The ATO spokesperson commented, “While there is no specific label on the capital gains schedule or income tax return to identify how many people have invested in cryptocurrency we are still looking at lodgement activity this year to determine any significant impact of cryptocurrencies.”
Bitfinex has ordered its customers to submit their tax details with the exchange and it is most likely to share the data with the authorities. The digital asset trading platform didn’t enforce the basic KYC requirements for its users up a few months ago, and the Bitfinex users also exclaimed their desire to boycott the platform.