New Hampshire’s Bitcoin Tax Bill Voted Down

News and Analysis

The New Hampshire House of Representatives voted down the bill HR522 which had implied that the state could collect taxes and fees in bitcoins, CoinDesk reported.

The bill introduced in 2015 by Republican representative Eric Schleien provided for development of “an implementation plan for the state to accept bitcoin as payment for taxes and fees”. However, the legislature voted nay by a vote of 264 to 74.

The bill’s originator, however, said that 74 representatives favoring the bill is a “pretty amazing” number. In order to promote the bill, Schleien attempted to spread the word about bitcoin among his colleagues. He urged them to consider bitcoin payments, as involvement of third party processors would not incur any “cost to the state”, and, moreover, would not pose any “risk to the state”.

However, most of the state representatives did not give heed to their colleague’s appeals.

Still, Schleien doesn’t give up and intends to change the mind of the naysayers.

“I’ll keep trying until it passes,” he said.

However, to his reckoning, the process may take some time, even two to three years.

Currently, no American state accepts bitcoins as a payment for taxes or fees.

Meanwhile across the Atlantic, France and Germany pressure the EU Commission to implement regulation measures against bitcoin and other cryptocurrencies. According to the measure’s lobbyists, the inherent anonymity of virtual money makes it convenient for money laundering and financing of terrorism. However, the EU Commission’s position announced a few days ago consists in monitoring cryptocurrencies rather than strictly regulating them.

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