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The first US state to accept cryptocurrency for tax payments is Colorado

WikiBit 2022-09-21 18:48

Abstract:The state of Colorado recently announced that it would now accept cryptocurrency as a method of payment for any taxes.

  

  The announcement was made by Governor Jared Polis, who noted that it was a stride toward Colorado being a powerhouse for technology transformation.

  The state of Colorado has now informed that it would now recognise crypto as a payment mechanism for all taxes. “Since we've been discussing this for some time, we've promised to deliver by the end of the summer, and we have,” Polis added.

  Payments must be made using personal PayPal accounts, which recognize Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash, according to the Colorado Department of Revenue (BCH).

  The governor reiterated that the state would receive the cryptocurrency payments and deposit the repurposed value in dollars into the state coffers. He continued:

  “Taxpayers can now select cryptocurrency as a payment option, just showing again from a customer-service perspective how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents.”

  Polis thinks using online payments is the right strategy to encourage innovative solutions in the state.

  According to Blockchain.News, the governor of Colorado said relatively early this year that arrangements are quite well under progress for the state to accept cryptocurrency tax payments as earlier than usual as this summer.

  Given that Polis was one of the pioneers of the Congressional Blockchain Caucus back in 2016, his endorsement for cryptocurrencies has not gone ignored. Among the first politicians to take cryptocurrency funding for his campaigns, he was also.

  As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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