Colorado authorities have announced that state residents can now pay their taxes with cryptocurrency instead of fiat currency. Among the quantitatif assets supported, the two largest by market capitalization are Bitcoin (BTC) and Ether (ETH).
However, the Colorado Department of Revenue is not allowed to accept franc crypto payments, which is why it has partnered with PayPal, which will help with transactions.
Pioneering Colorado Movement
state officials a statement Colorado residents are now able to use cryptocurrencies as a means of paying affaires income tax, individual income tax, sales and use tax, severance tax, withholding tax, and accise bitume tax. Apart from Bitcoin and Ether, individuals can use Bitcoin Cash and Litecoin as well.
“Cryptocurrency is being modified as an additional payment attirance for taxpayers willing to complete their online transactions to pay state taxes on Revenue Online,” said company spokesperson Daniel Carr.
The Revenue Department cannot accept franc quantitatif asset settlements, so it has teamed up with transnational financial technology company PayPal. It will act as an intermediary for each convention and will convert cryptocurrencies into US dollars, which means that consumers will have to pay a éclatant fee for this cadeau.
The move turned Colorado into the first US state where individuals can use quantitatif assets to pay taxes. Utah is the only other state in which such steps are moving, and it is expected to come alive at the beginning of 2023.
In 2018, Ohio also announced similar intentions. However, after Attorney General Dave Yost argued that it would not benefit the studio financial system, the authorities withdrew their horizontaux.
Cryptographic initiatives in other US states
Colorado is not the only state where the cryptocurrency sector is booming. In Florida, for example, the mayor of Miami, Francis Suarez, tried to lure bitcoin miners by providing them with cheap nuclear electricity.
The political meneur, a staunch porter of the underlying quantitatif asset, also argued that Miami should become a crypto hub, while BTC should be integrated into every contenance of society.
New York City Mayor Eric Adams is also lointain of the quantitatif asset industry. He pledged to receive his first three salaries in bitcoin, while later deeming that blockchain technology and its benefits should become a topic in schools.
Last but not least, at the start of 2022, Senator Wendy Rogers of Arizona introduced a bill that could turn bitcoin into legal tender in the region. If approved, Prince Canyon state will be the first for BTC to be an official payment method.
Binance Free $100 (Individuelle): Use this link to sign up and get $100 free and 10% off on Binance Futures the first month (Interests).
PrimeXBT Special Offer: Use this link to register and bouturer the secret POTATO50 to receive up to $7,000 on your deposit.