Consideration of the proposal that, if adopted, will allow residents of Georgia to pay taxes in bitcoin, is temporarily suspended. Nominated in February for consideration of the Senate Bill 464 would allow the authorities to accept bitcoin and other cryptocurrencies for the repayment of tax liabilities of residents of Georgia. Other States, including Arizona, are also considering such proposals.
However, according to Senator Mike Williams, one of the authors of the bill, it has not been considered in the Committee before March 29, the Senate of Georgia has postponed its discussion to the meeting that will be held after the parliamentary recess. As a result, the bill must be resubmitted for consideration in the legislative session, which will begin in January next year.
Williams explained that the wire of misconceptions about the technologies that are prevalent among legislators:
«There was no understanding of what cryptocurrency is, and when I talked to senators, they basically said, «is This the stuff to buy drugs?». Before consideration of the bill need to convey to legislators and regulators information about what is cryptocurrency».
Williams suggested that hearings and other educational activities can help legislators better understand cryptocurrency, agitating for the fact that such events should take place in the state and Federal level.
Williams, who ran for Governor of Georgia, also praised the «balanced» approach adopted by the
Federal regulators, citing the recent actions of the Commission on securities and stock exchanges and of the Commission on trade in commodity futures in particular.
«We need regulation, ICO, but it should not be excessive. We don’t want regulators to limit innovation, but at the same time, we need to protect the public from fraud,» said Williams. «From what I’ve seen so far, it seems to me that they had balanced approach and I think they succeed in this».