HomeCoinsBitcoin (BTC)US State Wants to Lead in Crypto Acceptance — Colorado to Accept...

US State Wants to Lead in Crypto Acceptance — Colorado to Accept Crypto for Tax Payments This Summer – Regulation Bitcoin News

- Advertisement -


The U.S. state of Colorado is preparing to accept cryptocurrency for tax payments, said Governor Jared Polis. “We expect to accept crypto by this summer,” he said, adding that after tax payments, crypto will be accepted for other things like driver’s licenses or hunting licenses.

Colorado to Accept Crypto for Tax Payments

The governor of the U.S. state of Colorado, Jared Polis, talked about his state’s efforts to become the leader in cryptocurrency acceptance in an interview with CNBC Tuesday.

Regarding his state accepting cryptocurrency for tax payments, he said: “We expect by this summer — pretty soon — to accept crypto for all of our state tax-related purposes, and then we plan to roll that out across all of state governments for things like … driver’s license or hunting license, within a few months after that.” He reiterated:

The biggest set of transactions are the taxes that people pay. We expect to accept crypto by this summer.

However, the governor clarified: “It’s important that people know from the state perspective that we cannot be in the business of having exposure to a market where securities, including cryptocurrencies, fluctuate. Our expenses are in dollars … All of our expenses are in dollars. Our budgets are approved by legislators in dollars.”

He emphasized: “When we talked about accepting crypto for payments, they will be converted back into dollars for our purpose, so there will be an intermediary there that would convert them for our purposes back to dollars.”

The governor was also asked whether he is worried about the volatility of bitcoin and other cryptocurrencies and whether it affects the state’s plan.

‘Not at all,” the governor promptly replied.

“In our case, we wouldn’t hold it as bitcoin, as ethereum. We would not hold it as an asset class. It would be paid and converted in real time to the way that we do our accounting, still,” he continued, reiterating:

Our budget is approved and our expenses are incurred in dollars. It would really be converted at the moment it is paid … just like accepting a credit card but with a much lower transaction cost than a credit card.

What do you think about Colorado’s efforts to become the leader in crypto acceptance? Let us know in the comments section below.

US State Wants to Lead in Crypto Acceptance — Colorado to Accept Crypto for Tax Payments This Summer – Regulation Bitcoin News
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 40,563.00
ethereum
Ethereum (ETH) $ 2,881.61
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 312.67
litecoin
Litecoin (LTC) $ 116.21
eos
EOS (EOS) $ 2.33
okb
OKB (OKB) $ 20.36
tezos
Tezos (XTZ) $ 3.68
leo-token
LEO Token (LEO) $ 5.55
cardano
Cardano (ADA) $ 1.02
monero
Monero (XMR) $ 163.50
stellar
Stellar (XLM) $ 0.20269
chainlink
Chainlink (LINK) $ 15.56
huobi-token
Huobi Token (HT) $ 9.93
tron
TRON (TRX) $ 0.062524
usd-coin
USD Coin (USDC) $ 0.999304
dash
Dash (DASH) $ 104.73
neo
NEO (NEO) $ 23.76
iota
IOTA (MIOTA) $ 0.823153
nem
NEM (XEM) $ 0.104757
zcash
Zcash (ZEC) $ 113.27
maker
Maker (MKR) $ 1,973.04
paxos-standard
Pax Dollar (USDP) $ 0.999973
ethereum-classic
Ethereum Classic (ETC) $ 29.49
vechain
VeChain (VET) $ 0.054699
true-usd
TrueUSD (TUSD) $ 0.999117
ftx-token
FTX Token (FTT) $ 43.69
kucoin-shares
KuCoin Token (KCS) $ 19.73
waves
Waves (WAVES) $ 10.01