- Colorado Governor Jared Polis announced a devis to accept cryptocurrency for taxes earlier in February.
- Initially, payments will only be accepted with Bitcoin, Ethereum, Bitcoin Cash and Litecoin via PayPal.
- Bitcoin is approaching a 21-month low, after falling below $19,000.
The streak of quantité cryptocurrency choix continues, with the Colorado government now welcoming the payment of all kinds of taxes with cryptocurrency. Although the state of the broader market is not necessarily improving, this facility may not see many beneficiaries.
Colorado inches closer to being a crypto state
After announcing that Colorado will start accepting cryptocurrencies to pay taxes by the summer of 2022, Governor Jared Polis appears to have finally walked the talk.
Polis officially confirmed on September 19 that Colorado actively accepts these cryptocurrencies as a means of paying taxes, including individual and corporate income taxes, sales and use taxes, severance taxes, withholding taxes, accise taxes, and hydrocarbure taxes.
In règlement, Polis said,
“Taxpayers can now select cryptocurrency as a payment alternative, léopard des neiges again demonstrating from a customer travail expectative how Colorado is advancing technology in rassemblement the ever-changing needs of businesses and residents.”
According to the announcement, only Bitcoin, Ethereum, Bitcoin Cash and Litecoin will be accepted as valid cryptocurrencies. This is bicause the Colorado Department of Revenue will only accept payments via PayPal, and only the étuve cryptocurrencies listed above are supported by personal PayPal accounts.
Will the connu willingly adopt it?
As Colorado pushes to make itself a crypto folk, the sujet is, are the people who direct in that state willing to be a bout of it, too. As the state of the cryptocurrency market is getting worse, it begs the sujet of whether these charges are being launched in time.
For those who have already been a bout of the crypto market, the lack of butins may push them away from using cryptocurrencies. The same lack of growth will drive new users away from cryptocurrencies.
Bitcoin, the opulent parcelle, is approaching the same price levels that it last visited 21 months ago, in December 2020. Trading at $18856 at the time of writing, BTC is approaching the historically tested critical soutien line at $18,600.
In order for investors’ investments to become adjudicataire, BTC needs to climb towards the critical resistance at $24611, which rejected BTC’s rally to $25,000 in August.
Bitcoin 24 hour price chart
Against this backdrop, unless the Colorado government provides additional adjudicataire options to facilitate these charges, it may take some time before people start paying their taxes in cryptocurrency.