Colorado will start accepting Bitcoin for tax payments in August – DiarioBitcoin

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Colorado will start accepting Bitcoin for tax payments in August - DiarioBitcoin For Hannah Perez

The governor of the state, Jared Polis, advanced the news this Wednesday. He said that Colorado will accept a wide variety of digital currencies, although it will not hold them in its treasury.

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Colorado, located in the western region of the United States, is preparing to begin accepting Bitcoin and other cryptocurrencies for the payment of taxes this year. This was announced this Wednesday by the governor of the state, Jared Polis, during an appearance on Coin Desk TV.

We are putting Colorado at the center of the crypto economy. not only do we have favorable laws and regulations, but we also have a great innovation ecosystem here[…] And another relatively new announcement is that we will be accepting crypto for state taxes and other transactions for the state by the end of the summer.

Polis assured that Colorado will begin accepting digital currencies for taxes and other state payments starting in August, later than. “For consumer convenience, we want to accept payments in a wide variety of cryptocurrencies, just like we do with credit cards.”, said the governor.

To carry out the initiative, the jurisdiction is looking to partner with industry companies to help the state process cryptocurrency transactions. Polis indicated in this regard that Colorado will not keep the digital assets once received; instead, he hopes to work with a payment processor that will make the switch to fiat currency.

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Our budget is still in dollars. We don’t want to take the speculative risk of having crypto, so we’ll have a transactional layer there“, he commented.

Colorado: a crypto-friendly state

Colorado will be hosting the conference ETHDenvera free, multi-day event focused on the ecosystem of Ethereum. The state was also the first in the country to hire an architect blockchain for his technical office, recalled the governor during the interview.

In 2019, Colorado lawmakers were discussing the possibility of leveraging blockchain technology for agricultural operations such as soil monitoring and water rights management. The initiative seems to be finally coming to life in the state, Polis suggested, noting that the state will be making several announcements about the adoption of crypto and its underlying technology.

Polis shared his desire to accept crypto for taxes in Colorado for the first time last year, during the virtual conference Consensus 2021medium Coindesk. At that time, the governor expressed his desire for his to become the first state in the country to promote the measure; although it should be noted that other jurisdictions, such as the city of Miami, have already moved forward to accept tax payments in digital currencies.

At the end of January, Polis had reiterated its intention to implement the measure despite the price correction seen in the market. It should be noted that as a 2014 congressman from Colorado, Polis was one of the first American politicians to accept campaign donations in Bitcoin. The governor revealed on Wednesday that he does not personally hold any digital assets.

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Article versioned by Hannah Estefanía Pérez / DailyBitcoin

Image edited from Unsplash

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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