Colorado Citizens to Pay Taxes in Cryptocurrencies

Colorado Citizens to Pay Taxes in Cryptocurrencies

Colorado Citizens to Pay Taxes in Cryptocurrencies

With investors playing their biggest bets on cryptocurrency tokens, it seems that the sector in no time will become a mainstream channel for payments, trading, and everyday work. Seeing this popularity, governments have been taking strategic steps to integrate cryptocurrencies and blockchain technology within the core ecosystem. The latest news in this regard has come from the western U.S state, Colorado where the government has introduced a statute allowing natives to pay their tax dues in cryptocurrencies like Bitcoin and Ethereum.

On February 23, 2022, Colorado Governor Jared Polis announced that the new law will allow the residents to pay their state income taxes through cryptocurrencies by the start of June 2022 to promote crypto use. The initiative has made Colorado the first state ever to make crypto tokens acceptable for tax payments. According to the report, the state authorities will collect the virtual token payments from the residents and simultaneously convert the amount into the equivalent dollar amount, in real-time, and then transfer the figure to the treasury so as to avoid the complications related to high volatility of cryptocurrencies.

Polis shared his views regarding crypto development in Colorado while attending a cryptocurrency conference ‘ETHDenver’ on February 18, 2022, at Sports Castle. The authority stated that the government is taking all the necessary steps to popularize Colorado as a crypto-friendly state across the globe. In an Instagram post, Polis revealed that the state authorities have been doing the groundwork for several years to make Colorado an epicenter of crypto and blockchain innovation. Polis has been a keen crypto enthusiast.

On multiple occasions, he has revealed his plan of making Colorado the first digital state in the United States. The state chief has shown interest in launching a state token named ColoradoCoin that would work as a cryptocurrency on a blockchain ecosystem. Recently on February 15, Polis stated that in the later part of the year, the local people will be able to purchase vehicle registration, driver licenses, and hunting or fishing permits using crypto.

The state has been one of the forefront supporters of cryptocurrency use in government operations. In 2014, abiding by a ruling by the Federal Election Commission (FEC), Polis accepted donations in BTC for his re-election campaign to the U.S Congress. The state governor was one of the first political personalities to accept donations in crypto. He also established the Congressional Blockchain Caucus during his tenure. Further in the 2019 city elections, Denver employed blockchain technology to allow military and international voters to cast their votes safely. During the same year, Colorado hired a blockchain architect, Thaddeus Batt. It was the first time for a state to do so. Moreover, the Digital Token Act was passed along with the same.  

If you are planning to invest in cryptocurrencies and have no knowledge about the core structure, then Blockchain Council courses can help you. The certificate courses are created to offer detailed knowledge about the crypto industry so that the learners can make maximum profit from the market space. 

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