Bahamians can pay tax in cryptocurrency, Bahamas PM says

Bahamians can pay tax in cryptocurrency, Bahamas PM says
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ECONOMY

Bahamians can pay tax in cryptocurrency, Bahamas PM says

Bahamas published the outline of its digital asset strategy until 2026.

04/22/2022

Bahamians can pay tax using cryptocurrency, Bahamas PM says

Bahamians will be able to pay tax in cryptocurrency, Bahamas Prime Minister announced Thursday.

Prime Minister Philip Davis stated, “We have a vision to transform the Bahamas into the leading digital asset hub in the Caribbean.” 

Bahamians: Paying taxes in cryptocurrency

Bahamas released a white paper outlining the strategy for the digital asset until 2026. The government revealed the paper a week before the Crypto Bahamas Conference, starting on April 26 at the Baha Mar resort in Nassau.

Conference guests are former U.K. Prime Minister Tony Blair, former U.S. President Bill Clinton, and NFL quarterback Tom Brady. Meanwhile, FTX will host the event. 

In September 2021, FTX transferred its headquarters to the Bahamas. CoinDesk quoted FTX CEO Sam Bankman-Fried’s statement. 

SBF noted “a progressive and forward-thinking crypto bill” wherein in the future time it would regulate the crypto industry within the Bahamas.

US State: Embracing bitcoin and ether

Wozinga reported last March about Colorado declaring to accept cryptocurrency as a tax payment. The state has been holding the title of the first US state to enable digital currency for paying taxes.

Starting this June, the state will officially allow residents to pay their income taxes using bitcoin and ether, According to the report, the cryptocurrencies will be converted into a dollar.

Cryptocurrency will undergo a real-time conversion before depositing in the public treasury. Colorado GovernorJared Polis tweeted, “It is kind of like credit card payments, with the bonus that there are no returned payments.”

By Marielle Petere Wozinga Staff

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