US Congress Files Tax Payment Bill With Bitcoin
JAKARTA - Republican congressman Matt Gaetz. He introduced a bill that would require the United States Department of Finance to accept tax payments in bitcoin. The bill marks the first official attempt at the national level by a US politician to bring bitcoin closer to becoming legal tender.
The bill submitted by Rep. Matt Gaetz (R-Florida) ordered the Financial Secretary to develop and implement a method that allows tax payments with bitcoin.
According to Gaetz, allowing tax payments with bitcoin will encourage innovation while increasing the flexibility and efficiency of payments for Americans.
Quoted from CryptoPotato, Gaetz via X account (previously Twitter), said This is a bold move towards a future where digital assets play a vital role in our financial system, ensuring that the US remains at the forefront of technological advances.
This legislation also allows the Treasury Department to set the most appropriate regulations to accommodate bitcoin payments, including the requirement that all payments are immediately converted to US dollars.
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Gaetz recently visited El Salvador to attend the inauguration of President Nayib Bukele, who made Bitcoin a legal tender alongside the US dollar in 2021. In a press release, Gaetz stated that he was inspired by El Salvador's vision of digital assets, which has helped promote financial stability and job creation in Central America.
With the US Presidential election in just five months, candidates are increasing their appeal to crypto and broader industry investors. Former President Donald Trump has repeatedly pledged to end the war on crypto' carried out by President Biden and Senator Elizabeth Warren if re-elected. Trump also called for the United States to dominate the Bitcoin mining industry and help make the country energy domination.
Meanwhile, Biden's approach to crypto is less consistent. Despite recently vetoing a pro-crypto bill passed by the two Congressions, he has also opened his campaign for crypto donations in collaboration with crypto exchange Coinbase, an attempt to come under strong criticism from the crypto community.