Colorado authorities implement the possibility of paying taxes in crypto

by in Cryptocurrency News

Colorado

By the summer of 2022, Colorado authorities will allow paying taxes and fees in crypto. That was stated by the state governor Jared Polis during the ETH Denver conference.

According to him, the reason for this decision is to increase the comfort of users and increase the speed of payments. Polis emphasized that the administration will not hold digital assets, but immediately convert them into US dollars.

“For the comfort of citizens, we will accept taxes first, and then add many other fees and services by this summer,” the governor said.

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During the speech, he also emphasized that Ethereum and blockchain are “an essential part of the overall innovation ecosystem of Colorado.”

Previously, similar initiatives have not received the support of legislators in Arizona and Illinois. The state of Ohio approved tax payments in bitcoin but later stopped accepting payments in cryptocurrency due to low demand for the service.