Arizona has totally great idea to let people pay taxes in Bitcoin

Paying your taxes is a complicated pain, but wait if — and bear with me here — what if you could pay them on the blockchain?

That is essentially the totally real idea being debated in Arizona, as the state's House of Representatives prepares to debate Senate Bill 1091. The bill, passed by the state Senate on Feb. 8, would allow people to pay their state taxes in cryptocurrency

Clearly, this is a great idea and nothing could possibly go wrong. 

If it becomes law, the bill would let cryptocurrency-rich citizens of The Grand Canyon State make tax payments via "a payment gateway, such as Bitcoin or other cryptocurrency, using electronic peer-to-peer systems."

RELATED: Check out the US states with the highest state income taxes:

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States where Americans pay the highest in state income taxes
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States where Americans pay the highest in state income taxes

California

State income tax: 1% to 13.3% 

Maine

State income tax: 5.8% to 10.15%

Oregon

State income tax: 5% to 9.9%

Minnesota

State income tax: 5.35% to 9.85%

Iowa

State income tax: 0.36% to 8.98%

New Jersey

State income tax: 1.4% to 8.97%

Vermont

State income tax: 3.55% to 8.95%

Washington, DC

State income tax: 4% to 8.95%

New York

State income tax: 4% to 8.82%

Hawaii

State income tax: 1.4% to 8.25%

Wisconsin

State income tax: 4% to 7.65%

Idaho

State income tax: 1.6% to 7.4%

South Carolina

State income tax: 0% to 7%

Connecticut

State income tax: 3% to 6.99%

Arkansas

State income tax: 0.9% to 6.9%

Montana

State income tax: 1% to 6.9%

Nebraska

State income tax: 2.46% to 6.84%

Delaware

State income tax: 2.2% to 6.6%

West Virginia

State income tax: 3% to 6.5%

Georgia

State income tax: 1% to 6%

Kentucky

State income tax: 2% to 6%

Louisiana

State income tax: 2% to 6%

Missouri

State income tax: 1.5% to 6%

Rhode Island

State income tax: 3.75% to 5.99%

Maryland

State income tax: 2% to 5.75%

North Carolina

State income tax: 5.75%

Virginia

State income tax: 2% to 5.75%

Oklahoma

State income tax: 0.5% to 5.25%

Massachusetts

State income tax: 5.1%

Alabama

State income tax: 2% to 5%

Mississippi

State income tax: 3% to 5%

Utah

State income tax: 5%

Ohio

State income tax: 0.495% to 4.997%

New Mexico

State income tax: 1.7% to 4.9%

Colorado

State income tax: 4.63%

Kansas

State income tax: 2.7% to 4.6%

Arizona

State income tax: 2.59% to 4.54%

Michigan

State income tax: 4.25%

Illinois

State income tax: 3.75%

Indiana

State income tax: 3.3%

Pennsylvania

State income tax: 3.07%

North Dakota

State income tax: 1.1% to 2.9%

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According to Cointelegraph, if passed into law Arizona could start accepting Bitcoin as a tax payment as early as 2020. And just what, exactly, would Arizona do without all those cryptoriches? Definitely not hodl.  

"The Department shall convert cryptocurrency payments to United States Dollars at the prevailing rate within twenty-four hours after receipt and shall credit the taxpayer's account with the converted dollar amount," the amended bill explains.

This, of course, means that someone could be left pretty seriously out of luck if the price of BTC or Ether suffers any kind of drop after payment has been made but before the state has converted the coins to USD. And, well, sudden price swings are the norm in the world of Bitcoin. 

Still though, at least one Arizona elected official told Fox News that he's all for what he sees as the future. 

"It's one of a litany of bills that we're running that is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for blockchain and digital currency technology in the future," explained Arizona State Rep. Jeff Weninger. “The ease of use, being able to do it in the middle of the night, being able to do it at home while you’re watching TV.”

Ah yes, if there's one thing Americans associate with digital currencies it's "ease."

WATCH: Bye-bye, Bitcoin. It's all about bananacoins.

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