In a bid to attract businesses involved in blockchain and cryptocurrencies, Arizona lawmakers have proposed a bill that would allow the state's citizens to pay their taxes in bitcoin. "Arizona State Rep. Jeff Weninger, who introduced the bill, said it was a signal to everyone in the United States, and possibly throughout the world, that Arizona was going to be the place to be for blockchain and digital currency technology in the future," reports Investopedia. From the report: Weninger, a Republican, also cited the ease of making online payments through the cryptocurrency "while you're watching television," as another reason. But he did not divulge much detail about the implementation of such a system. That might be the reason why Weninger faces an uphill battle in getting the bill approved by the state legislature. Bitcoin's price volatility is already being cited as a possible roadblock to implementing such a measure by state legislators. Arizona state senator Steve Farley, a Democrat who's running for governor, said the bill puts the "volatility burden" of bitcoin's price on taxpayers who make payments in U.S. dollars. "It would mean that the money goes to the state and then the state has to take responsibility of how to exchange it," Farley said.
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