As the first state in the United States to provide its inhabitants the option of paying their taxes using cryptocurrency, Colorado has established a precedent for other states to follow. Governor Jared Polis made the announcement, adding that it was a significant milestone on the path toward establishing Colorado as a centre for digital innovation.
As of this very moment, the state of Colorado is now officially ready to take cryptocurrency payments for any and all taxes. We’ve spent some time discussing this, and we promised that we would deliver by the end of the summer; in fact, we’ve already done so,” Polis added.
The Colorado Department of Revenue emphasised that payments will be sent via personal PayPal accounts, which are compatible with Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH).
The governor made the announcement that the state would be responsible for collecting the cryptocurrency payments and transferring the resulting value, expressed in dollars, to the public treasury. He added:
“Taxpayers may now pick bitcoin as an option for payment, merely demonstrating once again how tech-forward Colorado is in fulfilling the ever-changing demands of companies and citizens,”
Polis is of the opinion that adopting a cryptocurrency payment system is the best approach for the state to encourage innovative thought.
“As a state, we are at the forefront of digital innovation,” highlighted Polis. “Whether it’s applying blockchain and shared-ledger technology as a new model for funding, or whether it’s simply being consumer-friendly and making sure that we allow for the kind of innovation that will disrupt legacy business practises and government practises to make them more efficient,” Colorado is at the forefront of digital innovation. “Whether it’s applying blockchain and shared-ledger technology as a new model for funding, or whether it’s simply
According to a report by Blockchain.News, earlier this year the governor of Colorado said that preparations were well on for the state to begin accepting crypto tax payments as soon as this summer.
Given that Polis was one of the original founders of the Congressional Blockchain Caucus in 2016, it is not surprising that his support for cryptocurrencies has garnered a lot of attention. Additionally, he was one of the first politicians to accept cryptocurrency contributions for his political campaigns.