U.S. Congressman Matt Gaetz has introduced a bill that would allow federal income taxes to be paid in Bitcoin. A Florida representative has introduced legislation that would amend the Internal Revenue Code of 1986 to allow taxpayers to use the leading cryptocurrency to pay their taxes.
The amendment would require the Treasury Department to “develop and implement a method to enable payment in Bitcoin of any tax imposed on an individual” under the specified title. This bill would be a big step towards increasing cryptocurrency adoption in the United States.
New US bill will allow federal income tax payments in BTC
Over the course of 2024, Bitcoin has seen a major uptick in its popularity in the United States. It has become the first cryptocurrency-based ETF in the country, with interest from institutional investors soaring since the product was approved in January.
Now, a US Congressman is introducing a bill that would allow income tax payments in Bitcoin. Florida’s Matt Gaetz has introduced legislation that would make a major change to the current Treasury code. It will require the Treasury to focus more on the implementation of digital assets.
Gaetz told Daily Wire : “By allowing taxpayers to use Bitcoin to pay their federal taxes, we can drive innovation, increase efficiency, and provide more flexibility for American citizens.” “This is a bold step towards a future where digital currencies play an important role in our financial system,” he added.
Gaetz recently traveled to El Salvador, where Nayib Bukele just took office for the second time as president. Indeed, Bukele adopted BTC as legal tender in 2021 and was the first country to do so. Furthermore, the country’s continued embrace of Bitcoin may have inspired Gaetz’s actions in the US.
