US Congress Bill Seeks To Allow Tax Payments in Bitcoin

Krutika Adani

Congressman Matt Gaetz Introduces Bill

Republican Congressman Matt Gaetz introduced a bill in Congress that allows taxpayers to pay the IRS in Bitcoin.

Boost Mainstream Crypto Adoption

The move might help Bitcoin gain better recognition from the government while improving its adoption rate.

Earn in Crypto, Pay Tax in Crypto

The bill argues that if someone can earn in Bitcoin, they should be allowed to pay taxes in the same kind.

Challenges Ahead

However, the ability of the US Treasury and other tax collection agencies to collect Bitcoin tax payments poses a challenge.

Might Soften the Harsh Crypto Regulations

The bill's passing is expected to soften the government's and various other agencies' stance toward crypto.