US: New Hampshire Bill Aims to Legalize Bitcoin for State Payments in 2020

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Lawmakers in the U.S. state of New Hampshire are currently considering a bill to legalize payment of fees and taxes in Bitcoin (BTC), [urlhttp://gencourt.state.nh.us/bill_status/billText.aspx?sy=2019&id=796&txtFormat=html]documents[/url] originally published on Jan. 3 reveal.

NH HB470 is currently making its way through chambers of the local government, with a public hearing to introduce having took place yesterday, Jan. 23.

A subcommittee is due to examine it on Jan. 29, with a due date for a decision set for Mar. 14, a summary of the bill’s passage confirms.

Sponsored by Republicans Dennis Acton and Michael Yakubovich, the bill is the latest attempt to get New Hampshire to accept Bitcoin for state payments, with the idea first surfacing in 2015.

“This bill requires the State Treasurer [...] to develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees beginning July 1, 2020,” it reads, continuing:

“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 Granite State’s renewed efforts on Bitcoin come at a time when local governments throughout the U.S. are choosing to forge their own path on the industry.

As Cointelegraph reported, Wyoming is currently leading the jurisdictions with a more progressive stance on the issue, introducing a bill to legally define crypto as money earlier this month.

At the national level, the situation remains patchwork, with businesses and commentators still complaining about the less than ideal regulatory landscape forged by entities such as the Securities and Exchange Commission (SEC).



SOURCE: https://cointelegraph.com/news/us-new-hampshire-bill-aims-to-legalize-bitcoin-for-state-payments-in-2020