The US state of Georgia is the next state online to possibly accept crypto- currency as a valid form of payment for state taxes and licenses, According to a bill introduced Feb. 21.

Bill 464, introduced by Republican Senators, Joshua McKoon and Michael Williams, proposes that "[t] the Commissioner accept as valid payment taxes and license fees all cryptocurrency, including, but without limiting it, Bitcoin, which uses an electronic post office system. "The bill states that once payments are received, the commissioner will convert the cryptocurrency into US dollars within a time limit of no more than not 24 hours.

This new legislation follows very similar measures taken by the Senate of Arizona in the bill passed earlier this month, allowing "[a] taxpayer can pay their income tax using ap gateway, such as Bitcoin, Litecoin, or any other cryptocurrency recognized by the department, using peer-to-peer electronic systems. "The Arizona bill also states that crypto will be converted to US dollars within 24 hours."

Having already passed its third reading by a narrow margin, Arizona could be one of the First US states to accept cryptocurrencies for tax payments.

Wyoming also recently introduced legislation that would exempt crypto-currencies has been the federal crypto classification since 2014. A group of Republicans primarily introduced Bill SF0111, which proposes a list of "intangibles", including cryptocurrencies, gold and bank checks, which would be exempt from property taxes.

While At the start the news may seem like a boon to crypto users, tax expert Robert Wood has written in an expert take for Cointelegraph that the use of cry ptocurrencies to pay taxes d actually lead to pay more taxes, since the gains in cryptocurrencies used for tax payments could themselves be subject to capital gains tax And the income tax on investments.