• Thu. May 23rd, 2024

Colorado Allows Citizens to Pay Tax Payments in Crypto

Hassan Mehmood

ByHassan Mehmood

Mar 6, 2022

Jared Schutz Polis is the elected governor of Colorado. He recently told the media that the citizens would be able to pay their taxes and other payables to the state in the form of cryptocurrencies. The news was recently reported by CNBC last day. At the current stage, Polis nominated Bitcoin as the currency of choice for making the transition.

If the initial stage is successful, there is a chance that the state might consider enabling other variants of cryptocurrencies as well. At this stage, Polis told the media that the preparations are underway, and the government administrative infrastructure will commence with the project starting from summer this year.

Some people worry about how the state departments will be able to handle cryptocurrencies payments as a mode of payment for taxes. However, Polis addressed the issues and concerns of the citizens in detail during his latest press briefing. He exclaimed that at the current stage, the state is not planning to incur the risks that are attached to cryptocurrencies.

He clarified that to minimize the risk of volatility and other risk factors, the state is planning to change the crypto tax payments into dollars before adding them to the treasury. He further explained that the Colorado state is currently looking for an intermediary or a third-party service provider to convert the digital asset payables into fiat currencies.

Polis told the media that after the successful completion of the initial phase, the cryptocurrency payments would be enabled for other options as well. He further explained in the future; the citizens will be able to pay their hunting license or driver’s license with cryptocurrencies like Bitcoin.

Several leaders and politicians have started to warm up to the idea of cryptocurrencies inclusion in the state infrastructure and administrative systems. Polis is one of the first governor candidates who accepted cryptocurrency donations for his election campaign. There are countries like India that have already imposed cryptocurrency taxation laws.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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