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Colorado Will Begin Accepting Bitcoin for Tax Payment By Summer

Published 02/17/2022, 09:15 AM
Updated 02/17/2022, 09:31 AM
Colorado Will Begin Accepting Bitcoin for Tax Payment By Summer

Over the past few years, legislatures across the world have explored ways of regulating and taking advantage of the growing interest in cryptocurrencies. While some have outlawed crypto, others have embraced the technology.

In the United States, mayors have moved to receive their paychecks in crypto. In addition to the recent proposals in Arizona and Wyoming, Governor Jared Polis of Colorado has outlined plans for the state to accept its tax in crypto.

Colorado to Begin Accepting Taxes in Crypto

Confirming the long-time ambition of the state, Governor Jared Polis has revealed that people in Colorado will soon be able to pay their state taxes in cryptocurrency.

The Governor explains that consumer convenience is part of the reason for the implementation. He also adds that the state wants to accept payment in a wide variety of cryptocurrencies, just as we do in credit cards.

The Governor who was featured on CryptoWorld explained;

“We expect by this summer to accept crypto for all of our state tax-related purposes. And then we plan to roll that out across all state government for things — could be as simple as a driver’s license or hunting license.”

To make accepting crypto for tax in Colorado possible, the Governor explained that the state is currently looking for companies to handle the actual crypto transactions.

On the Flipside

  • While the state will accept crypto, the Governor explains that Colorado will not take the speculative risk of holding crypto. Instead, it will operate with a transactional layer.

Why You Should Care

Marking the increasing adoption of cryptocurrencies, Colorado is one of more than 20 U.S. states currently considering crypto legislation of some kind.

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