Matt Gaetz explained that he was inspired by the results of the legislative reforms of the government of El Salvador and the positive results achieved by the country's authorities after the recognition of bitcoin as an official means of payment.
Matt Gaetz's bill proposes to amend the 1986 U.S. Tax Code and require the Treasury Department to develop a plan to approve the flagship digital currency as a means of paying taxes and duties. The provisions of the bill provide for the introduction of rules on "converting any amount of bitcoins received into a dollar equivalent at the time of receipt of payment."
"If approved by Congress, the new law will modernize the tax system. It will allow bona fide taxpayers to use bitcoins to pay federal taxes, and the government to promote innovation, improve the efficiency of the financial system and offer greater flexibility to American citizens. This is a bold step towards a future where digital currencies will play a vital role, ensuring that the United States will lead the vanguard of technological progress," the congressman who presented the project to colleagues proclaimed.
The authorities of the state of Colorado realized the opportunity to pay taxes and state duties in cryptocurrency three years ago. Then the initiator of the reforms was the governor of the state, Jared Polis.