Colorado Set To Be First US State to Accept Cryptocurrency As Tax Payment

Colorado Set To be First US State to Accept Cryptocurrency as Tax Payment
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Some Brazilian cities like El Salvador Rio de Janeiro had been the talk of the town for including cryptos in the balance sheet of the government treasury. As most cities in Brazil are famous as tourist spots, this was a welcome move by the citizens and the policymakers. Now following in their footsteps is the US state of Colorado, which has now started to accept crypto coins as a mode of payment for tax and other such fees. According to the official information, from June, the citizens can pay their income taxes in Bitcoin and Ethereum.  

Governor Jared Polis took it to Instagram to make this announcement. In his post five days ago, he said that they see this decision as a critical part of Colorado’s overall innovation ecosystem. He mentioned,It is kind of like credit card payments, with the bonus that there are no returned payments!” He also made a revelation that the policymakers had been on it for many years to make the state of Colorado a centre of cryptocurrency and blockchain innovation

Also Read: Avalanche Blockchain Now Accessible On Wirex App, Wallet & Payment Ecosystem

Yes, there is this massive issue of volatility. Still, according to Polis, the state will convert the digital assets into the fiat money that they are worth at that particular time. He tweeted on 23rd February, “We are getting a payment provider to accept crypto equivalent and deposit the dollars into the state’s treasury for that amount. It is like credit card payments, with the bonus that there are no returned payments!

Although this is not the first attempt for the US in this aspect, Ohio, back in 2018, had attempted to enable businesses to pay taxes with cryptocurrency. Still, this attempt was cancelled on accounts of improper reviewing just a year later. With this, it is evident that America has an experimental approach to this concern. The city of Miami has its digital token called MiamiCoin. Governor Polis, too, had accepted donations in Bitcoins for his election campaign in 2019. Texas, too, has a supportive approach but in a different way. It has allowed an excellent ten yearlong tax exemption for crypto miners, along with a few other benefits. 

Also Read: With Russian Ruble Hitting Record Low, Crypto Trading In The Russian Currency Surges  

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