Krutika Adani
Republican Congressman Matt Gaetz introduced a bill in Congress that allows taxpayers to pay the IRS in Bitcoin.
The move might help Bitcoin gain better recognition from the government while improving its adoption rate.
The bill argues that if someone can earn in Bitcoin, they should be allowed to pay taxes in the same kind.
However, the ability of the US Treasury and other tax collection agencies to collect Bitcoin tax payments poses a challenge.
The bill's passing is expected to soften the government's and various other agencies' stance toward crypto.