New Hampshire Could Legalize Bitcoin For State Payments by 2020

Wilfred Michael 

Wilfred Michael

Reporter

24 January 2019,
10:59
New Hampshire Could Legalize Bitcoin For State Payments by 2020

The U.S State of New Hampshire will likely follow the steps of Ohio to become the second major region in the country to allow the use of Bitcoin for payment of fees and taxes.

A bill published on January 3, sponsored by Republicans Dennis Acton and Michael Yakubovich, wants to make the move possible next year.

Excitingly, the bill titled "NH HB470" has already started making inroads and was introduced to the State's local government on Wednesday, January 23. That preliminary stage will precede a review by a subcommittee on January 29, before a final decision is announced on or before  Mar. 14.

Contents of NH HB470

  • The bill calls on the State Treasury to create an implementation plan that will allow state agencies to accept bitcoin as payment for taxes and fees beginning July 1, 2020.

  • The said implementation plan will address “any accounting, valuation, and management issues and also identify an appropriate third party payment processor that will process cryptocurrency transactions at no cost” to the New Hampshire government.

  • The Department of Administrative Services hopes to figure out whether accepting cryptocurrencies will result in Dollar loss or gain to the state. Also, the department will know if the decision to accept cryptocurrencies for state agencies will result in more revenue for the State.

  • The State Treasury is expected to submit the implementation plan on or before November 1, 2019.

With the recent development, New Hampshire has become the latest U.S State to seek a way to maximize the potential of cryptocurrencies without waiting for decisions on a Federal level.

Colorado, Texas, and Wyoming are the other U.S States who have made efforts in recent times to manage cryptocurrencies or at least incorporate them into the financial system. Lawmakers in these states are pushing to give Bitcoin the same status as money and also differentiate cryptocurrencies from traditional securities.