Colorado now accepts crypto as payment for taxes.
Take Away Points
- Colorado now accepts Crypto for paying taxes
- The Crypto payments can only be made through PayPal
New Method for Paying Tax in Colorado
Colorado now accepts CryptoCurrency as a means of paying taxes. According to the Department of Revenue report, CryptoCurrency payments can only be made through PayPal.
The fees also have an additional $1.00 plus and a 1.83% payment amount. For residents to be able to transfer an external wallet to their PayPal wallet, it must be done through the PayPal mobile app.
Jared Polis, Governor of Colorado has always wanted the state to use Cryptocurrency to pay taxes and fees. He made his plan known during the ETHDenver in Denver on February 18.
“Colorado will become the first state to accept Cryptocurrency as payment for state taxes and fees,” he said.
Polis has been an advocate and lover of Bitcoin since 2014, according to CoinDesk he was the Congressman who stood against the ban of Bitcoin when Senator Joe Machin called for the Outright prohibition on Bitcoin.
During his re-election campaign, he allowed the use of cryptocurrencies and became one of the first Congressmen to accept Bitcoin for his election campaigns, the reports say.
According to the state radio (CPR), Polis signed “a law in 2019” that freed the digital –tokens from security laws and allowed the residents to trade Crypto.
The legislators of other states like California and Arizona have been proposing Laws about crypto in their state since this year, but it has not been passed into law.