Congressman Matt Gaetz (R-Fla.) is proposing a brand new legislation that may mandate the U.S. Secretary of the Treasury to implement a program that may allow federal revenue taxes to be paid utilizing Bitcoin (BTC).
In a press release, Gaetz says the laws will modernize the US tax system.
The lawmaker says permitting taxpayers to pay their authorities dues utilizing the flagship crypto asset will promote innovation, enhance effectivity and supply extra flexibility to Americans.
“This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the U.S. remains at the forefront of technological advancement.”
Reads the proposed invoice,
“The Secretary shall develop and implement a method to allow for the payment with Bitcoin of any tax imposed on an individual under this title.”
Gaetz launched the invoice on Tuesday after attending the second inauguration of El Salvador president Nayib Bukele, who made the Central American nation the primary nation to undertake Bitcoin as a authorized tender.
Gaetz’s workplace says the legislator witnessed how Bitcoin has helped promote monetary stability and job creation in El Salvador.
In March, Bukele mentioned that the nation will proceed to buy Bitcoin every day till it’s now not inexpensive with fiat currencies. In response to El Salvador’s Bitcoin Workplace, the nation now holds 5,793.76 BTC value over $353 million.
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