- 3 October 2022
- Posted by: Cryptovalues
- Category: Cryptovalues News, World News
Colorado Governor Jared Polis has announced that the U.S. state will begin accepting cryptocurrencies for tax payments.
It will then allow individuals and businesses to use cryptocurrencies for tax payments.
It will use its own registry to monitor cryptocurrency transactions converted to dollars that will be deposited with the State Treasury.
“We are once again demonstrating, from a customer service perspective, how Colorado is leading the way in meeting the evolving needs of businesses and residents,” Polis said in an official announcement at Denver Startup Week.
A few months ago in Florida, Governor De Santis was pushing for all Florida local governments to adopt Bitcoin as a possible payment method for local taxes and fees.
Last spring, also in the U.S. and specifically in Texas, the mayor of Austin had put forward the proposal that the city begin paying taxes, fines and even stamps by using precisely BTC. The initiative started by the mayor will have to pass the scrutiny of the city council and then obtain the authorization of the federal government.
Going back to Colorado, thanks to its governor and his years as a tech entrepreneur, the state has a long-term vision, so much so that it has been pushing the digital agenda since 2019, so, this proposal can only be an evolution of a path that started a few years ago
Polis said cryptocurrency payments will be outsourced to a third party to process transactions, and a partner has been chosen, namely PayPal Cryptocurrencies Hub, for a fixed fee of one dollar per transaction, plus 1.83 percent on the transacted transaction.
In the long term, the state also plans to introduce cryptocurrency payments for hunting, driving and fishing licenses and create a blockchain database of livestock brands to help farmers locate missing livestock. Although the current system works, Polis sees an opportunity to improve the efficiency of the current mark database.