Key Points
- Florida Republican Matt Gaetz introduced a bill that could allow Bitcoin as payment for federal income taxes.
- The groundbreaking legislation would modernize the tax system if passed.
Florida Republican Matt Gaetz introduced a bill on June 25 that would allow people to use Bitcoin to pay for their federal income taxes.
Gaetz shared a post via his X account, explaining what this move involves.
He wrote that he introduced groundbreaking legislation to modernize the tax system in the US by requiring the Treasury to implement a program that allows federal income tax to be paid with Bitcoin.
Enabling taxpayers to use Bitcoin for federal tax payments, would lead to the following:
- promoting innovation
- enhancing efficiency
- offering more flexibility to American citizens
According to Gaetz, this is a bold step towards a future where digital currencies play a crucial role in the financial system, making sure that the US remains at the forefront of technological advancements.
Gaetz attended the second inauguration of El Salvador’s president
Recently, Gaetz attended the second inauguration of El Salvador’s president Nayib Bukele, witnessing how Bitcoin has helped promote financial stability and job creation in Central America.
El Salvador was the first nation to adopt Bitcoin as a legal tender back in 2021.
The country has been also making headlines due to its innovative way of mining Bitcoin using a volcano-fueled geothermal power plant at Tecapa Volcano.
The geothermal power plants generate 102 megawatts of electricity, of which 1.5 megawatts are used for the process of Bitcoin mining.
The innovative use of geothermal energy for BTC mining marks an important development in the crypto industry and proves the high potential for renewable energy sources in crypto mining.
This is useful for crypto miners who have been reaching for innovative ways to boost their revenue after the halving.
Also, recently, Bukele proposed establishing a private investment bank within the nation. If approved, it will offer Bitcoin investors access to financial services and less restrictions compared to traditional banks.
