For the time being, the US federal government and several states are exploring the possibility of regulating cryptocurrency.

The latter is getting a lot of attention for its volatile market, high value and the stories of people getting rich investing in them.

In 2022, two states began proposals for taxation of profits through digital currencies, reports

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The Arizona legislature wants to include Bitcoin as a legal tool to pay "debts, public fees, taxes and duties," the Telegraph reports.

Wyoming, meanwhile, wants to impose a tax on local cryptocurrency sales.

However, Wyoming will tax most cryptocurrencies, not just Bitcoin.

"Both proposals face possible legal and political obstacles.

"But Wyoming has gone further than any other state in passing laws to accommodate the adoption of cryptocurrency, and proponents of the proposal there believe it will be the first state to take a significant step in the area of ​​tax evasion." politico.

More than 30 countries thought of dealing with cryptocurrencies last year.

According to the National Conference of the State Legislature, 33 states proposed or considered proposals for the taxation of cryptocurrencies.

Wyoming leads the base in digital asset taxation and categorization of cryptocurrencies for consumer protection.

"For the past four years, Wyoming has made in-depth legislation that has reached global attention with its groundbreaking concepts," said Sen. Tara Nethercott, a member of the Wyoming Select Committee on Blockchain, Financial Technology and Digital Innovation Technology.

However, Colorado wants to adapt to the times of cryptocurrencies.

According to Governor Jared Polis, he "would be excited to be the first state to allow you to pay your taxes in a variety of cryptocurrencies."

"Colorado is and will be the hub for blockchain innovation in the United States, attracting investment and good jobs and innovators in infrastructure, digital identity, individual data security in the private and public sectors," said Governor Jared Polis.

Digital currency taxation is among the top plans of various US states while local leaders want to seize the opportunity for money and create public projects with cryptocurrencies.

/ Telegraphy /