Colorado Now Accepts Cryptocurrency Tax Payments, As Governor Polis Promised

The US state of Colorado now accepts cryptocurrencies for tax payments, Governor Jared Polis announced on Monday. The option is now available on the state Department of Revenue website.

Colorado tax payments are accepted through PayPal’s crypto center with service fees of $1 plus 1.83% of the payment amount. Payments are accepted only from personal accounts in a single cryptocurrency. Companies still cannot pay their taxes through cryptocurrencies. Payments will be effective the same day they are initiated, although the transfer will take three to five days to complete. Payments are immediately converted to fiat.

Colorado’s governor said earlier this year that he hoped the state will start accepting payments in cryptocurrencies. In his speech at the opening of the Denver Startup Week, Polis speak of the new payment option:

“We’re just showing again, from a customer service perspective, how Colorado is at the forefront of technology to meet the ever-changing needs of businesses and residents.”

cops is an old supporter of cryptocurrencies and an advocate for the tech industry in his state. As a member of the United States House of Representatives, cops actively participated in cryptocurrency legislation and was a founding member of the Congressional Blockchain Caucus.

I am beyond excited to announce that my campaign will launch an exclusive NFT collection!

I have always supported emerging technology and hope to be among the first to implement NFT in campaigns.

Other states have tried to institute the payment of taxes in cryptocurrencies. Ohio he was the first to do it in 2018, but discontinued service a year later due to legal complications. New Hampshire repeatedly tried to adopt cryptocurrency tax payments, but the bills did not make it out of the state legislature, and states like Georgia, Illinois and Arizona have considered it.

American cities have also shown interest in accepting cryptocurrency payments. Denver, the capital, was shown as one of the major American cities for hiring in the crypto sector in 2021.

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

Keep reading:

Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.

Leave a Comment

Your email address will not be published.