Vermont Could Soon Be Collecting Their Taxes In Cryptocurrencies

A Vermont state legislator has proposed a new bill to create a framework for the authorised use of blockchain technology. Alison Clarkson introduced the bill just a few days ago on 3rd January, and the measure has been forwarded onto the Committee on Economic Development, Housing and General Affairs. This bill outlines just how the state could classify certain firms as ‘digital currency limited liability companies’. This has been particularly focused at companies who operate their own networks. If the bill was to be approved, these companies would be required to pay ‘in the form of its digital currency a transaction tax equivalent to $0.01’, whenever a new unit of cryptocurrency is created, traded or transferred. The bill states; “This bill proposes to implement strategies relating to blockchain, cryptocurrency, and financial technology in order to: promote regulatory efficiency; enable business organisational and governance structures that may expand opportunities in financial technology; and promote education and adoption of financial technology in the public and private sectors.” The bill also outlines how these companies ‘may adopt any reasonable algorithmic means for accomplishing the consensus process’ and ‘provide for the modification of the consensus proves or the substitution of a new process that complies with the requirements of the law.’ This bill might seen unsurprising, given how much interest in cryptocurrencies has increased in recent years. A blockchain study has already been approved back in June, which sought how the state’s job market might be affected. In 2016, lawmakers then finalised a law that made blockchain data admissible as evidence in court. The new bill calls for a ‘Fintech Summit’ which aims to bring together state and industry stakeholders to discuss how Vermont can promote the tech’s wider use. $25,000 would be set aside to fund the event, under the sponsorship of the Agency of Commerce and Community Development. Image Source: Flickr Sponsored by