Colorado To Accept Cryptocurrency As Tax Payment, Will Become First US State To Do So

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Colorado will become first American state to accept cryptocurrencies for tax and fee payments

Colorado will become the first state in the United States to accept cryptocurrencies for state tax and fee payments. Residents of the state will be able to pay their income taxes in Bitcoin and Ethereum starting from as early as June. Governor Jared Polis made the announcement a few days ago. To minimise difficulties with volatility associated with cryptocurrencies, the state will accept payments in the digital assets and then convert them into equivalent dollar amounts in real-time before depositing them into the state's treasury. “It is kind of like credit card payments, with the bonus that there are no returned payments,” tweeted the governor.

We are getting a payment provider to accept crypto equivalent and deposit the dollars into the state's treasury for that amount. It is kind of like credit card payments, with the bonus that there are no returned payments! pic.twitter.com/H8MaFV1ojE

In another post on Instagram, Governor Jared Polis stated that for years, the authorities have been creating the infrastructure in Colorado to make the state a centre of cryptocurrency and blockchain innovation. “We see it as a critical part of Colorado's overall innovation ecosystem,” he stated and added that from “this summer” Colorado will accept cryptocurrencies for state tax and fee payments.

“We are getting a payment provider to accept crypto equivalent and deposit the dollars into the state's treasury for that amount,” he said.

A post shared by Governor Jared Polis (@govofco)

This isn't Governor Jared Polis's first foray into the cryptocurrency domain, according to ABC News. During his 2014 race for the United States Congress, he had