Good News for Overstock: Utah Considers Bitcoin Payment for State Services

Published at: Feb. 12, 2015

A resolution put before state lawmakers in Utah could see the Beehive state legitimize Bitcoin as a legal payment method.

H.C.R. 6, the “Concurrent Resolution on Payment Options for State Services” introduced by Republican Marc K. Roberts:

 “[P]roposes the creation of the Council on Payment Options for State Services to study whether and how the state could accept bitcoin as a valid form of payment.”

Consideration of such a resolution at state level means Utah joins several US states taking an active stance towards Bitcoin’s role in the local economy. One of these is New York, which is in the final stages of preparation of its controversial BitLicense scheme. California meanwhile, as the first state of openly legalize use of Bitcoin, has seen infrastructure related to it expand dramatically.

In-depth details regarding the plans in Utah have so far not been released, and discussion of Roberts’ proposals is yet to take place. Nonetheless, optimism surrounding the move is growing, with community members considering the state’s pro-business orientation as a potential aid to the popularity of Bitcoin adoption. Flagship Bitcoin-accepting business Overstock.com has its headquarters in Salt Lake City, and lawmakers could well be eyeing the success of California, which is home to many Bitcoin startups, when considering the financial benefits of adopting an open official stance to digital currency.

While the wording of the resolution itself does not include specific content regarding private enterprise, mention of “[encouragement of] the expanded use of bitcoin in the state” is included.

Provisions are also made for “certain persons” being on board the Council on Payment Options for State Services, and that “certain issues” should be specifically explored by it once in existence.

It is worth noting that a similar think-tank on cryptocurrencies, albeit closely related to the banking sector, arrived at proposals for nationwide regulation similar to New York’s Bitlicense. In New Hampshire, the idea of state acceptance of Bitcoin as payment is already coming under fire in the media.

Meanwhile however, California Governor candidate Gavin Newsom is the latest US politician to feature Bitcoin prominently in an election campaign. His campaign website features a Bitcoin donation link as its default payment option. 

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California Governor Approves Bitcoin for Transactions Bank Supervisory Group Unveils BitLicense-esque National Regulation Why Coin Loft Customers Won’t Pay Australia’s 10% Bitcoin Tax
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