The efficacy of cryptocurrency as a means of making payments to government institutions in the United States is set to be tested as a proposed bill for bitcoin to be used as a tax payment alternative passed through the house in flying colours.
The bill known as House Bill 470, would allow for agencies at the state level to receive payments in bitcoin. The bill encapsulates a host of payments including state-funded institutions and state-level tax office payments. The bill passed with some amendments although the amendments were said to be technical rather than substantial, by those privy to the bill.
Rep. Carol McGuire said the amendments were meant clarify certain sections rather than alter it. For the bill to become law, both Houses of Parliament would need to pass it. And if this happens, we just might end up seeing bitcoin taking over as the preferred method of choice for taxes come July 2020.
New Hampshire isn’t the first state to pioneer the use of cryptocurrency as a means of making state payments with Ohio being the first to accept payments in cryptocurrency with the launch of OhioCrypto.com in November 2018.
- Coinbase Wallet Allows Customers Backup Private Keys on Cloud
Cryptocurrencies like bitcoin are famed for their security features which give you the ability to transfer money seamlessly and securely. But the same famed feature which keeps your money securely locked in, will keep you locked out should you lose access to your wallet keys.
Also, this is applicable to app users with wallet features on their smart devices. When those devices are compromised, users often than not find themselves between a rock and a hard place. Coinbase – a secure crypto platform for buying, selling and storing cryptocurrency, has devised a means by which crypto users – and any other person with a wallet app, can back up their private key data via cloud. The feature will also be compatible with Apple iCloud and Google Drive.
The new feature provides a backup measure for users to have access to their private keys even when they lose the private keys or their devices are lost and destroyed.
Private keys are similar to ATM pins for your real money, only difference is, when your pin is lost or card is destroyed, you can get it sorted at the bank. But with private keys, your funds are gone for good. The innovation makes users skeptical of owning bitcoin more comfortable and Coinbase assures the public the feature is secure.
- Marshall Islands to Implement Crypto Banknotes for National Currency
The Republic of the Marshall Islands has perfected plans to implement National Cryptocurrency notes as an alternative form of legal tender along with the United States Dollar.
The company selected to drive this project is Tangem, a crypto startup located in Switzerland. The firm will be tasked with the manufacture of physical bank notes as an alternative to the United States Dollar. The notes would be secured with a blockchain-equipped microprocessor which will provide security for the notes.
Once in circulation, the notes will be used by customers as a means of exchange with no transaction fees or internet connection to use the cards. A mechanism will also be implemented for the instantaneous validation of transactions according to Tangem.
The development in the Marshall Island is closely monitored by countries who are considering their own national cryptocurrency. Either in alternative or to replace existing systems. The plan shows how cryptocurrencies can resolve real word problems at the national level.