The cryptocurrency adoption seems to be gathering pace in the United States as the governor of Colorado, Jared Polis announced via Twitter that his state will become the first in the US to accept tax payments in cryptocurrency.
Colorado Will Now Accept Tax Payments In Cryptocurrency
As per sources, Polis has defined the said move of his state accepting tax payments in cryptocurrency as the “next logical step on the path to digital statehood.”
Polis also stated that Colorado, which was also the earliest US state to utilize blockchain technology in its government infrastructure, will now accept cryptocurrency which will be converted into US dollars before it is deposited in the state’s treasury.
“In Colorado, we’ve been laying the groundwork to be a center of crypto and blockchain innovation for several years,” Polis further stated “We see it as a critical part of Colorado’s overall innovation ecosystem.”
In an interview conducted with CNBC, Polis announced that the program is expected to commence this summer, and the crypto tax payments made will be processed via an intermediary.
Polis, who is known as an active crypto proponent, had long been advocating several use cases of cryptocurrencies. In 2014, Polis had accepted Bitcoin as his campaign donations during his run for the US Congress.
It is to be noted that another US state Ohio had launched a similar project earlier, a test run for the same was initiated in 2018, but was considered unsuccessful in the long run and was later discontinued.
However, other states in the US such as Arizona and Wyoming are still actively exploring ways to integrate cryptocurrencies in their financial structure. Wyoming is pondering on making sales taxes payable via crypto, while Arizona is mulling over accepting Bitcoin as legal tender.
