US Congressman Matt Gaetz has taken a significant step towards integrating cryptocurrency into the U.S. financial system by proposing legislation that would allow Bitcoin to be used for federal income tax payments. This initiative, aimed at amending the Internal Revenue Code of 1986, reflects a growing trend in government to embrace digital innovations that can enhance financial operations.

In his discussions with The Daily Wire, Gaetz highlighted the efficiency, flexibility, and innovation that Bitcoin payments could bring to tax processes. This move is seen as a forward-thinking attempt to keep the U.S. at the forefront of technological advancements in finance. The proposed bill mandates the Treasury Secretary to craft regulations for Bitcoin transactions, ensuring they are promptly converted to U.S. dollars, maintaining financial stability.

This development aligns with increasing support for Bitcoin among U.S. politicians, indicating a broader acceptance of cryptocurrency’s potential role in modernizing government transactions and policies.

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