An American congressman has proposed paying taxes in bitcoin.
Ohio Republican Congressman Warren Davidson has introduced a bill called the Bitcoin For America Act that would allow Americans to pay their taxes in Bitcoin.
The congressman stated that his initiative would allow taxpayer-paid bitcoins to be deposited into the US government's Bitcoin Reserve. This should diversify the ways to replenish the national reserve, which could grow beyond confiscated bitcoins, the lawmaker explained.
At the same time, Davidson assured the Bitcoin Policy Institute that by paying taxes in Bitcoin, taxpayers will be able to decide for themselves how their payments will be spent.
A few months after taking office, Donald Trump signed an executive order establishing a federal cryptocurrency reserve. Federal authorities currently own approximately 200,000 bitcoins seized in criminal cases and civil proceedings, less funds yet to be returned to crime victims.
“The Bitcoin For America Act will allow our country to lead, not follow, as the world moves toward a future of stable money and digital innovation,” the bill's author proclaimed.
Last year, under the Biden administration, Davidson called the US Treasury Department's policy on cryptocurrencies too harsh. The congressman asserted that blockchain and cryptocurrencies are not often used to finance terrorism.
Source: cryptonews.net
