Colorado is going to accept tax payments in cryptocurrency
Colorado's authorities are planning to allow taxes to be paid in cryptocurrency
Colorado State Governor Jared Polis spoke about this innovation at ETHDenver conference. Such crypto adoption is targeted to reduce the time spent on paying taxes and to increase the comfort of taxpayers.
We see blockchain and Ethereum as a critical part overall of Colorado’s innovation ecosystem,Polis said in a statement.
The governor is not worried about the potential volatility of cryptocurrencies, since the state would accept crypto payments converted into a dollar value, which would then be deposited in the state’s treasury. Polis also clarified that acceptance of Bitcoin and Ethereum for tax payments doesn’t mean their legalization.
Paying taxes in crypto was the first step, but the governor's office promised to expand the program so the state could accept cryptocurrency payments for things like driver’s license or hunting license.
Shortly after taking office, Jared Polis signed the Colorado Digital Token Act into law, aiming to exempt tokens with a “primarily consumptive purpose” from some securities regulations.
Other US States like Illinois and Arizona didn’t support such initiatives. Ohio initially approved an experiment with payments in cryptocurrency, but later the service was closed due to lack of demand.
