fbpx

Colorado to use crypto instead of physical money for taxes

Governor Jared Polis wants Colorado to be the first state in the US to accept digital currencies as a form of tax payment
colorado

Governor Jared Polis wants Colorado to be the first state in the US to accept crypto as a form of tax payment.

Polis said at Consensus 2021, a virtual summit, that residents in Colorado could pay taxes in several types of digital currency, and he will try to make it possible as soon as possible.

trading

Colorado’s governor has always been crypto-friendly. He is the first political candidate to accept campaign donations in bitcoin. That was achieved thanks to a favorable FEC ruling in 2014. 

“I’d be thrilled to be the first state to let you pay your taxes in a variety of cryptos.”

Jared Polis, governor of Colorado

Colorado wouldn’t be the first state to try these types of payments. Illinois and Arizona have already thought about accepting crypto for taxes, but it couldn’t be accomplished due to failing in pushing through the legislation.

Ohio’s pilot project was more promising. Several businesses were allowed to pay taxes through a new platform called OhioCrypto.com. BitPay was utilized to convert crypto in fiat for the treasure’s office to collect. New treasurer Robert Sprague ended the program because it was used by a small number of companies.

“The challenge we’ll have is like, every state, as far as I know, a lot of our taxes are calculated off of federal. So it’s off of the same form, you know, and you can fill out a separate form for state, but often you can calculate it the same way so I just have to see how we can do it.”

Jared Polis, governor of Colorado

Governor Jared Polis founded the Congressional Blockchain Caucus in 2020 and is known to support blockchain technology. He thinks it can be used as an economic driver and improve state government security.

Total
7
Shares
Leave a Reply

Your email address will not be published.

trading
Related Posts