Colorado Governor Maintains Plans to Accept Cryptocurrencies for Tax Payments Despite Drop in Prices

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Colorado Governor Maintains Plans to Accept Cryptocurrencies for Tax Payments Despite Drop in Prices For Angel Di Matteo @shadowargel

In this regard, Polis made it clear that this will not affect the state of Colorado since the crypto funds will be exchanged for dollars upon receipt of payment, so the administration will not keep digital currencies to be affected by volatility.


Although the fall in the prices of the main cryptocurrencies has caused many entities and organizations to review their plans, this does not seem to be the case of the governor of the state of Colorado, Jared Polis, who confirmed that he is going ahead with his intention that residents have the possibility to pay their taxes with digital currencies.

The plans are still on

This was confirmed by Polis last Saturday during a meeting held by the National Governors Association, meeting in which the official reiterated that his plans to accept cryptocurrencies for the payment of state taxes are still standing, despite the fall recorded throughout this month of January where Bitcoin lost almost 50% of its price.

In this regard, Polis commented that according to the plans, the idea is for the state to immediately convert any payment made with cryptocurrencies into dollars, so that said funds would not be subject to the volatility that is currently shaking the market, adding:

“The state will not have any assets in cryptocurrency, everything would be instantly converted into dollars as soon as a transaction is made. The government is not interested in participating in speculative aspects, whether positive or negative. We would simply use [las criptomonedas] as a medium of exchange for payment purposes.

Colorado wants to be ahead

Originally, the governor of Colorado officially presented his proposal in December of last year during his participation in the virtual conference Consensus 2021. There Polis assured that his intention is for the state he represents to become the first in the US to allow its residents to pay their taxes with Bitcoin and a wide variety of cryptocurrencies.

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As such, Polis already has some experience in the use and management of cryptocurrencies. In 2014, he officially became the first American political official to legally accept donations. Bitcoin to finance his campaign, and by then he committed to those who have supported him under said mechanism to work to ensure that the crypto ecosystem has room to grow and develop properly.

Regarding his recent statements about maintaining the plans to accept cryptocurrencies for the payment of taxes, Polis made a comparison between his proposal and the situation of international companies that accept their payments with dollars, since the price of this in their local currency also it can fluctuate, so they implement mechanisms to prevent these changes from playing against it.

USA and digital currencies

While Polis wants Colorado to move in this direction, the regulatory landscape for cryptocurrencies in the US seems increasingly delicate.

Recently published reports revealed that the administration of President Joe Biden has plans to regulate cryptocurrencies at the federal level, for which it will address the issue under the category of “National security” and will summon various agencies through an executive order to work together on this matter.

For its part, the cryptocurrency market has been a bit shaken after the recent announcements of the Federal Reserve (FED), whose president Jerome Powell confirmed last week that bank interest rates will begin to rise from next March.

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Recommended reading

Fountain: Bloomberg / BitcoinMagazine

Angel Di Matteo version / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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