“Colorado Will Begin Accepting Crypto for Tax Payments”: State Governor

Aaryamann Shrivastava
Updated: Feb 16, 2022, 17:16 GMT+00:00

Beyond just tax payments, the Governor also declared a myriad of projects that the state of Colorado aims at developing using blockchain and crypto.

“Colorado Will Begin Accepting Crypto for Tax Payments”: State Governor

In the latest development from the United States on the crypto front, the Governor of the state of Colorado made some rather optimistic comments regarding the future of crypto in the state which included economic growth and recovery.

Colorado Accepts Crypto

The ongoing community innovation festival ETHDenver in Colorado set the stage for one of the biggest announcements to come from the country.

The governor of the state Jared Polis declared that the state would begin accepting payments of taxes in cryptocurrency by this summer. 

In regards to the same Polis said the state has been at the forefront of innovation in respect to its hiring of the first Chief Blockchain Architect, sponsoring the ETHDenver, and now with the crypto acceptance.

Polis stated that although the state will accept crypto payments it does not intend on storing them in any way but instead converting them into dollars immediately using an intermediary. He iterated:

“It’s like accepting payments from a credit card but at a much lower transaction cost than a credit card.”

When asked about whether Colorado is also planning on releasing its own proprietary cryptocurrency, Polis said:

“Well, we have with great State senator here, Senator Chris Hanson of Denver, who’s pursuing a digital token bill that would effectively allow state-created digital tokens to be utilized for state reserve purposes and other purposes. Assigning value to them. So I think there’s a bright future with regards to how the public sector can benefit from distributed Ledger in the crypto economy.”

Furthermore, Governor Jared Polis added that the state being forward-looking aims at leveraging blockchain technology for many purposes.

The plans included providing incentives for electrification to faster transition as well as better transmission. Polis also intends on using blockchain for economic recovery and growth in the future.

The United States Remains Unclear

While the larger administration continues to brainstorm the status of digital currencies in the country, people within the administration have been coming up with solutions for it. 

Alike Governor Polis, Congressman Josh Gotthiemer also announced legislation that aims at creating “Qualified stablecoins” out of cryptocurrencies that can be redeemed on demand on a one-to-one basis for USD.

Thus while the government is taking slower steps in this direction, the citizens might end up supporting individuals who act in their favor when it comes to cryptocurrencies.

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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