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Arizona Revises the Blockchain Bill on Cryptographic Payments

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An Arizona Senate bill that previously focused on the tax on State income is being rebuilt. .

Senator Warren Petersen, a Republican, said the bill was being redesigned to focus instead on point-of-sale cryptographic payments known as the Transaction Privilege Tax. (TPT) in the state. Residents of Arizona could be the first in the US to make a point-of-sale purchase in bitcoin or an altcoin with transaction taxes sent directly to the state.

The bill, which will continue to be called SB 1091, will once again make its way through the state legislature and is expected to get to the House in a few weeks, he said. If the bill is passed, which Senator Petersen expects that there will be enough votes for the process to continue, Arizona will be recognized as a leader and leader. an innovator in cryptocurrency payments.

Senator Petersen agreed that the adoption of blockchain technology has swept the west of the United States, his state and others taking the lead in innovation.

Meanwhile, heavy regulation across the country in New York has stifled innovation, which he is trying to avoid.

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"New York was booming and suddenly they had a massive and ponderous regulation.More than 10 companies have fled the state or have completely closed their doors." Arizona is not going to do We're going to encourage innovation and new ideas and technologies, so that's part of that, "Senator Petersen told the NCC

Mechanics of the bill

With the changes to SB 1091, the bill focuses more broadly on cryptocurrency payments, which the senator has described as "positive progress" for the industry, which will encourage people to use cryptocurrencies n & rsquo; Anywhere.

"We're going to allow TPT point-of-sale payments using blockchain technology, which means you're going to use blockchain technology, but you'll also be able to use that point of sale to pay with cryptocurrencies, money, credit card – everything you pay.There will be an immediate sales tax payment made in the state of Arizona, whether it is in cash, cryptocurrencies or credit card payment, "explained Senator Petersen.

The original idea of ​​Senator Petersen for the bill applied to payments of state income tax. It's clearly evolved and he says "it's a lot more exciting."

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"I think we're going to win the House and we'll have the votes to get to the finish line, he has to go back to the Senate, he still has a way to go, but I feel good about that. I'm more optimistic about this than the income tax bill, "he said.

Image of the Arizona Capitol from Shutterstock.

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