TechFlow news: U.S. Representative Matt Gaetz has introduced a bill that would allow Americans to pay federal income taxes using Bitcoin. The bill aims to amend the 1986 Internal Revenue Code, requiring the Secretary of the Treasury to develop a system for accepting Bitcoin payments for taxes and immediately converting Bitcoin into U.S. dollars. The bill also includes provisions on IRS contractual services, fee rules, liabilities, and confidentiality clauses.
Gaetz said the move is intended to encourage innovation and efficiency and to keep the United States at the forefront of technological advancement.
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