Colorado Residents Can Now Pay Their Taxes Using Cryptocurrency, Axios report Governor Jared Polis revealed this fact at Denver’s Startup Week, according to reports.
Residents will be able to pay personal income tax, retirement tax, withholding tax and consumption tax in virtual currency.
Crypto payment options are available for both businesses and individuals. Additionally, the state plans to open a ledger for trading and convert cryptocurrencies into US dollars.
The governor made no mention of the assets the state would accept.
“From a customer service perspective, it once again demonstrates how the State of Colorado is technologically advanced to meet the ever-changing needs of businesses and residents.”
Earlier this year, Governor Polis announced that the state start accepting cryptocurrencies like Bitcoin (BTC) When Ethereum (ETH) As a payment option for state taxes.
2019, The Police signed the law Exempted cryptocurrencies from securities laws that affect other financial instruments.
Colorado’s crypto decision came at a time when tough macroeconomic conditions had caused most digital assets in the industry to lose more than half of their value.
Colorado is the first US state to allow cryptocurrencies as a tax option.
Meanwhile, several states and cities around the world have adopted crypto payment options for their residents to pay their government bills.
In August, Argentina’s Mendoza province made available a stablecoin option for residents to pay their taxes.
government announced USDT on Tether and DAI on MakerDAO are taxable and automatically converted to pesos.