Colorado residents can now pay taxes with cryptocurrencies
Software

Colorado residents can now pay taxes with cryptocurrencies

The Colorado Department of Treasury (USA) has offered citizens the opportunity to pay taxes with cryptocurrencies via the PayPal Cryptocurrency Hub platform. The offer is only valid for individuals – companies have to pay the old-fashioned way. The option to deposit alternative assets is already available on website departments.

    Image source: Petre Barlea / pixabay.com

Image source: Petre Barlea / pixabay.com

The fee for making a transfer through the new system is $1.00 plus 1.83% of the payment amount. It is emphasized that payments are only accepted in a cryptocurrency from a wallet. Transfers are credited on the day they are made, although in some cases the time can extend to three to five days.

Governor Jared Polis announced the new option back in February. Speaking at Denver Startup Week, he explained in part: “We will continue to demonstrate Colorado as a technology leader when it comes to customer service by meeting the ever-changing needs of businesses and citizens.”.

Mr. Polis is a longtime supporter of the cryptocurrency industry and an advocate for the state’s technological advancements. As a member of the House of Representatives, he actively worked on cryptocurrency legislation and was one of the founders of the Blockchain Commission. The state of Ohio was the first to accept cryptocurrency taxes in 2018, abolishing the practice a year later. Similar initiatives have also been considered in New Hampshire, Georgia, Illinois and Arizona. In April, Buenos Aires, Argentina, started a similar initiative.

RELATED TOPICS

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

Add Comment

Click here to post a comment