Illinois has recently introduced house bill 5278 by Illinois state Representative Margaret Croke. If the bill passes, it would mean that the Illinois Department of Revenue (IDR) would be able to accept Cryptocurrency payments as a payment method for taxes. This is huge for the crypto community — it shows just how much momentum crypto has picked up over the years and may soon be more widely accepted. Croke says that this could bill could apply to businesses who may want to pay taxes using digital coins and assets.
CRYPTO EXECUTIVE ORDER
Recently President Biden has signed the executive order that focuses on digital asset regulation on a federal level. The new executive order may very possibly spark additional states to take more initiative to accept cryptocurrency payments. The executive order outlines the importance of consumer protection, financial stability and risk mitigation. The administrations executive order shows that they realize how important the cryptocurrency and digital assets are and they know that the blockchain technology is not going anywhere, therefore it’s important that the United States stays ahead of the curve.
While the executive order outlines its interest in protecting consumers, due to the large number of crypto scams and fraud —the order is noticeably missing any mention of stablecoins. Tether is currently the largest stablecoin.
IS IT A GOOD TIME TO INVEST IN CRYPTO?
As the Russia-Ukraine war increases in hostility, global investors have not hesitated in going all in on cryptocurrency funds and companies. Investors seem to be bullish that crypto will withstand the global uncertainties. Thus far, crypto assets have outperformed traditional assets since the beginning of the Russia-Ukraine war, giving investors a positive outlook.