A bill that would allow residents in the U.S. state of Georgia to pay their taxes in cryptocurrency failed to pass through its Senate due to misunderstandings among lawmakers.
Senate Bill 464, sponsored by Senators Michael Williams and Joshua McKoon, was introduced on February 21.
"The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to bitcoin, that uses an electronic peer-to-peer system," the bill stated.
The Bill stipulates that payments made in cryptocurrency should be converted to US dollars at the prevailing rate within 24 hours of being received, and credited to the payer's account.
But it never got a committee hearing before the Senate adjourned for recess on March 29.
This means the bill will not become law this year, as the next legislative session is scheduled for January 2019.
Decision-makers and government regulators need to be educated on what cryptocurrencies are before passing the bill, according to Williams.
Arizona is considering a similar proposal to accept cryptocurrencies as a form of payment.
New Hampshire was the pioneer in making a legislative move to allow its citizens to pay their taxes in virtual currency. But the state's House of Representatives shot it down in a January 2016 vote.
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