If passed, this measure would essentially modify the 1986 Internal Revenue Code. The proposed law has the potential to have a significant impact on the adoption of Bitcoin in the US. US citizens may soon have the option to use Bitcoin (BTC) and other cryptocurrencies to pay their federal taxes. US Congressman Matt Gaetz has proposed that taxpayers be allowed to pay their federal income taxes using Bitcoin. Gaetz is known for his strong belief in the potential of digital assets to shape the future financial landscape. This measure would amend the 1986 Internal Revenue Code to include Bitcoin as an option for taxpayers. Additionally, the bill introduced by the Florida lawmaker requires the Department of the Treasury to establish a mechanism for allowing the payment of any individual tax with Bitcoin.
The proposed law by Gaetz has the potential to significantly impact the adoption of Bitcoin in the US if it is passed. It would also enable the Treasury to focus more on implementing digital assets. When presenting his Bitcoin law to the press, Gaetz emphasized its inherent advantages, such as its potential to stimulate creativity, increase productivity, and provide Americans with more flexibility.
Gaetz’s plan may have been influenced by El Salvador’s position on Bitcoin, as he recently visited President Nayib Bukele’s office. Colorado is among the states that have started accepting Bitcoin as payment for state taxes. There are several Bitcoin bills awaiting approval from the relevant authorities.
The crypto market has recently been experiencing significant volatility, and any positive developments are likely to boost investor confidence, which has been declining. Today’s highlighted crypto news includes Solana bulls striving to maintain upward momentum amidst platform upgrades.
