Fun

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

News Feed - 2022-02-18 08:02:43

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


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. Tags in this story accept crypto, colorado, Crypto Acceptance, Jared Polis


What do you think about Colorado’s efforts to become the leader in crypto acceptance? Let us know in the comments section below. 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. Banning Crypto Is Like Banning Internet in Russia, Finance Minister Says Amid Differences With Central Bank REGULATION | 2 hours ago The Republic of the Marshall Islands Allows Registration of DAOs as Legal Entities REGULATION | 11 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleErtha Metaverse Sells Rome NFT for Record $120k 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItStudents Mining Crypto in Dorms May Face Criminal Prosecution in Russia, Lawyer Says


University students in Russia minting digital currencies in their dormitories risk penalties and even criminal charges, according to a legal expert quoted by local media. The warning comes as Russian authorities are trying to curb crypto mining with cheap energy ... read more.McDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants Topps Plans to Auction Rare 1952 Mickey Mantle NFT Card Minted on Ethereum Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High

News Feed

Political undertones stand out as Bitcoin 2024 hits Nashville
Gareth Jenkinson4 hours agoPolitical undertones stand out as Bitcoin 2024 hits NashvilleThe Bitcoin 2024 conference is underway in Nashville - with Donald Trump"s address scheduled for July 27 a major drawcard to the eve
Rakesh Upadhyay6 hours agoPrice analysis 10/11: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, DOT, MATICBitcoin and select major altcoins are under pressure as the September Producer Price Index report shows wholesale inflati
Excessive Flooding in Sichuan Causes 20% Hashrate Losses for Chinese Bitcoin Miners
Excessive Flooding in Sichuan Causes 20% Hashrate Losses for Chinese Bitcoin MinersTorrential downpours of nonstop rain have been wreaking havoc in China’s Sichuan province, w
Reserve Bank of Zimbabwe ‘Developed a Roadmap for Adoption of CBDC,’ Says Governor
Reserve Bank of Zimbabwe "Developed a Roadmap for Adoption of CBDC," Says Governor The governor of the Zimbabwean central bank, John Mangudya, recently said his organization ȁ
Samsung is looking into new phone form factors with AI in mind: Report
Brayden Lindrea2 hours agoSamsung is looking into new phone form factors with AI in mind: ReportA Samsung executive said a successful implementation would be more “mobile” and look “radically different” from the
Prashant Jha14 hours agoTether reportedly shuts USDT redemption for some Singapore customersIn an email, Tether said Cake DeFi is controlled by “another corporation that resides in Singapore,” precluding it from rede
Turner Wright6 hours agoEverything that’s happened with Celsius and Alex Mashinsky so farA look back at the rise and fall of Celsius, from the firm’s growth during the pandemic to the arrest of its former CEO and res
North Korean Hackers Stole $400 Million in Cryptocurrency Last Year — Ether Accounts for 58% of Stolen Funds
North Korean Hackers Stole $400 Million in Cryptocurrency Last Year — Ether Accounts for 58% of Stolen Funds North Korean hackers stole cryptocurrency worth about $400 million la
No Room For Bears: Bitcoin Bullish MACD, Monthly Close Fuel Bullish Outlook
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
XRP Historic Moment Coming In 2025? This Crypto Exchange Believes So
Este artículo también está disponible en español. In the cryptocurrency space, XRP is gaining much attention, and many people are making predictions regarding its prospec
Tom Mitchelhill3 hours agoOpenSea ‘unaware’ of any involvement of former exec in $60M rug pullA former OpenSea employee has been accused of assisting the infamous AnubisDAO rug pull in 2021, but some commentators hav
What to Expect When Facebook’s Zuckerberg Defends Libra on Capitol Hill
Once again, Facebook will face the fire on Capitol Hill on Wednesday, with the Libra cryptocurrency project taking center stage. Mark Zuckerberg, the social media giant’s foun