Colorado enables crypto payment for taxes

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Col­orado res­i­dents can now pay their tax­es using cryp­tocur­ren­cies, Axios report­ed on Sept. 20. Accord­ing to the report, Gov­er­nor Jared Polis made this rev­e­la­tion at the Den­ver Start­up Week.

Res­i­dents would now be able to pay their indi­vid­ual income tax, sev­er­ance tax, with­hold­ing tax, and excise fuel tax in crypto.

The cryp­to pay­ment option will be avail­able for both busi­ness­es and indi­vid­u­als. In addi­tion, the state plans to open its ledger for trans­ac­tions and con­vert the cryp­tocur­ren­cies into US dollars.

The Gov­er­nor did not men­tion the assets that the state would accept.

Polis said:

“We’re just show­ing again, from a cus­tomer ser­vice per­spec­tive, how Col­orado is tech-for­ward in meet­ing the ever-chang­ing needs of busi­ness­es and residents.”

Ear­li­er in the year, Gov­er­nor Polis promised that the state would start accept­ing cryp­tocur­ren­cies like Bit­coin (BTC) and Ethereum (ETH) as pay­ment options for tax­es in the state.

In 2019, Polis signed a law that exempt­ed cryp­tocur­ren­cies from secu­ri­ties law affect­ing oth­er finan­cial instruments.

Colorado’s cryp­to deci­sion is com­ing at a time when most dig­i­tal assets in the indus­try have lost more than half of their val­ue due to tough macro­eco­nom­ic conditions.

Col­orado is the first state in the US to make cryp­tocur­ren­cies an accept­able tax pay­ment option.

Mean­while, sev­er­al states and cities world­wide have adopt­ed cryp­to pay­ment options for res­i­dents to pay gov­ern­ment bills.

In August, the Argen­tine province of Men­doza made sta­ble­coins options avail­able for res­i­dents to pay their taxes.

The gov­ern­ment announced that Tether’s USDT and MakerDAO’s DAI would be accept­ed for tax­es and auto­mat­i­cal­ly con­vert­ed into pesos.

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