Proposed Bitcoin for America Bill Would Enable BTC Tax Payments, Which Go to Reserve

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A new bill introduced by Ohio congressman Rep. Warren Davidson would allow Americans to pay federal taxes with Bitcoin with the collected BTC then ushered into the United States’ planned Strategic Bitcoin Reserve.

The “Bitcoin for America Act” would allow the United States to “diversify its national wealth into a non-inflationary asset that serves as a long-term store of value,” the bill reads, noting the potential for the nation to fall behind Russia, China, and emerging nations should there be no action.

“The Bitcoin for America Act marks an important step toward modernizing our financial systems and embracing the innovation that millions of Americans already use every day,” said Rep. Warren Davidson in a statement.

“This bill will give the American people more choice in paying their taxes as well as give our government a stronger financial foundation,” he added. “The Bitcoin for America Act will position our country to lead—not follow—as the world navigates the future of sound money and digital innovation.”

Editor’s note: This story is breaking and will be updated with additional details.