Arizona could allow tax payments in bitcoin, other cryptocurrencies

If Senate Bill 1091 passes in the Valley of the Sun, it would put the state on the leading edge of the innovative technology. Critics believe it's too soon to use the new type of currency.

Would you like to pay your Arizona state taxes in bitcoin or other cryptocurrencies instead of exchange them? While supporters say it would put the Valley on the leading edge of the innovative technology, opponents believe it needs government regulation first. The news division of Arizona PBS reached out to financial and technology experts to get their take, including Victor Benjamin, assistant professor of information systems.

In this article on Cronkite News Feb. 9, 2018:

This is one phenomenon that’s always been existing with the internet, where the rate of technology right now is vastly outpacing the rate of legislation. I think with bitcoin, what is really needed to make it a more legitimate medium of exchange is some sort of regulation. I do think cryptocurrencies are very powerful and could be used as a legitimate means of exchange in the future, but there’s just too much risk at the current moment.&nbsp

— Assistant Professor of Information Systems Victor Benjamin.