I suspect they would cash out immediately. After all the taxes are denominated in USD. The article mentions that the state wouldn't pay any fees though, that's the part I'm really curious about.
The bill specifies that the plan must include the use of "an appropriate third party payment processor that will process bitcoin transactions at no cost to the state."
This doesn't mean that there would be no fees, it means that the payment processor could only charge fees to the taxpayer, not the State.
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I suspect they would cash out immediately. After all the taxes are denominated in USD. The article mentions that the state wouldn't pay any fees though, that's the part I'm really curious about.
The bill specifies that the plan must include the use of "an appropriate third party payment processor that will process bitcoin transactions at no cost to the state."
This doesn't mean that there would be no fees, it means that the payment processor could only charge fees to the taxpayer, not the State.
BitPay currently offers this to merchants and non profits so it may not be that much of an ask.
If they cash out immediately, we'll know that there will be one large buyer around April 15. Wouldn't that enable collusion in the market?