The governor of the US state of Colorado confirmed that local residents have the opportunity to pay taxes and state fees using cryptocurrencies.
This idea was first proposed by Jared Polis in May 2021. At the beginning of the year, the governor promised that Colorado residents would be able to pay taxes in cryptocurrencies from the summer, but it took more time to implement the initiative.
When using digital currencies to settle with the tax authorities, local residents will have to pay a fee of $1 plus 1.83% of the amount of tax paid. Payments are accepted through PayPal Cryptocurrency Hub. The feature is currently only available to individuals. Crypto assets are immediately converted into US dollars, however, it may take three to five days for the payment to be completed.
Jared Polis is considered a supporter of cryptocurrencies and is actively involved in the development of legislation on cryptoassets. According to the Governor, the introduction of cryptocurrencies in the state will make Colorado the center of innovation in the United States, which will attract investment to the state and will help create new jobs. In April, the governor began accepting digital currencies as donations to his political campaign.
Colorado has a fairly favorable environment for the development of the cryptocurrency industry. In 2019, the state passed the Digital Tokens Act, which exempts certain digital assets from being regulated as securities.
