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After Colorado, California To Allow Bitcoin Payments for Govt Services

By:
Aaryamann Shrivastava
Updated: Feb 21, 2022, 20:58 GMT+00:00

This is the second major move in the country this month after Colorado, which raises questions regarding the future of crypto in the US.

After Colorado, California To Allow Bitcoin Payments for Govt Services

While the ongoing Securities and Exchange Commission (SEC) vs. Ripple lawsuit is beginning to lean in favor of the XRP organization, other lawmakers across the States are now coming up with their ways of integrating crypto amidst regulatory uncertainty.

California Accepts Bitcoin

In a senate bill, the State Senator of California Sydney Kamlager laid down his proposal of accepting cryptocurrency as a method of payment.

As per the bill, this law would only be limited to payments for the provision of government services. It does not state whether or not private organizations and retailers are allowed to do the same. 

Right now, the entire discussion of cryptocurrency is a rising political matter, with multiple candidates pushing for its acceptance and certain others refraining from ever being acquainted with it. 

As mentioned above, Colorado State Governor Jared Polis recently announced that the State would begin accepting crypto as tax payments by this summer.

He further clarified that the State would not be storing them but instead convert them into fiat, using an intermediary, as soon as they receive it.

Additionally, Aarika Rhoades, a candidate running in California to represent the State in the House of Representatives, opened up her campaign to crypto donations.

She has been exceptionally vocal in her support for crypto and its adoption and is standing true to her word of spreading awareness about the same.

Furthermore, FXEmpire today reported on the opportunities of crypto mining in the State of Georgia and how the present State of regulations and tax savings might drive more people towards mining cryptocurrencies.

Instances as such act as catalysts for crypto adoption, and once the White House releases the expected executive order for crypto, there could be much more clarity on what the future holds for digital assets in the US.

Although…

Bitcoin and the rest of the market lately haven’t been in the best State since the crash of December and January. In fact, at the moment, Bitcoin is down by 14.51% since the last dip began seven days ago. 

In such uncertain market conditions, the question of adoption does seem to take a sidestep in favor of protecting investors’ money for certain politicians.

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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