UTAH successfully passes Bitcoin Bill

Guest Author | March 4, 2015 | 11:48 am

UTAH successfully passes Bitcoin Bill

Guest Author | March 4, 2015 | 11:48 am

The State of Utah has passed the Bitcoin bill, H.C.R. 6 Substitute Concurrent Resolution on Payment Options for State Services, which will allow the residents to pay their taxes in Bitcoin. The bill was introduced by state representative Mark K. Roberts in January and was backed by Senator Todd Weiler.

The concurrent resolution encourages widespread use of the digital currency in the state and proposes the creation of the Council on Payment Options for State Services to investigate the possibilities and outcome of accepting Bitcoin as a payment method. The bill resolved that the council should include the certain persons from the public as well as private entities such as the representatives from the State Treasurer’s office, the Division of Finance, the State Tax Commission, the Department of Technology Services, the local advocacy groups in favor of Bitcoin, and merchant systems.

utah successfully passes bitcoin bill

The bill also provisioned for the council to study certain issues such as any state or federal statutes, rules, regulations, or policies that would hinder the operations of the state to use Bitcoin as a payment method.

The bill resolved that the Legislature and the Governor encourage the council to examine if the state could minimize its risks if Bitcoin became the new norm of national payments.

The council will have to submit its study and recommendations to the Revenue and Taxation Interim Committee before September 2016.

The resolution also referenced to the Utah-based Overstock.com, which is among the world’s largest online retailers promoting potentially disruptive advancements in Bitcoin.

The bill laid down the technological and social developments that could be achieved if the decentralized currency was accepted. “Industries in emerging technologies could play an increasingly important role in Utah’s economy and culture; the State must remain open to new technologies and ideas to continue attracting talented and educated entrepreneurs to the state.

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  • Earl Fox

    Wow, Utah, you are the first state to accept Bitcoin as taxes! Thank you, government representatives for being so innovative!

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