North Carolina is considering a bill that would allow the use of cryptocurrencies for tax payments and other economic transactions.
Overview of the Bill
The bill, filed by State Representative Neal Jackson, aims to permit the use of crypto assets for tax payments. If enacted, it will become part of the North Carolina Digital Asset Freedom Act.
Requirements for Crypto Assets
The bill sets specific criteria for crypto assets eligible for tax payments. One key requirement is that the asset must have a market cap of at least $750 billion and a daily trading volume exceeding $10 billion. Additionally, the asset must be listed on multiple regulated U.S. exchanges.
Future Possibilities for Cryptocurrencies
Currently, the only cryptocurrency meeting these thresholds is Bitcoin, with a market cap of $1.6 trillion and a trading volume of around $45 billion. Ethereum does not meet the criteria, as its capitalization is $188 billion with a trading volume of $20 billion. However, it is possible that other cryptocurrencies may reach the required standards over time.
The proposed bill in North Carolina reflects a shift in the perception of digital assets and their potential role in the state's economy.
