New Hampshire’s Second Bill to Accept Bitcoin as Tax Payment Fails

Lawmakers in the New Hampshire state legislature have killed a bill that would have allowed state agencies to accept cryptocurrencies as payment for taxes. 

On Jan. 8, the New Hampshire House of Representatives announced a decision to retract the bill, following a motion from the General Court’s Executive Departments and Administration Committee to deem the initiative as “inexpedient to legislate.”

Bitcoin’s volatility was too high for state budgets 

According to public records, authorities considered the bill ineffective due to the high volatility of cryptocurrencies like Bitcoin (BTC). If the bill was adopted, expenditures of the Department of Revenue Administration (DRA) would have surged by an “indeterminable amount” in the fiscal year of 2020, the document reads:

“These changes would increase DRA expenditures by an indeterminable amount in FY 2020, in anticipation of an implementation date of July 1, 2020.  DRA cannot estimate if any additional revenue would be…