Colorado Becomes First US State To Accept Bitcoin As Payment For Taxes

According to a report by Axios Denver, Gov. Jared Polis announced that Colorado will become the first US state to accept Bitcoin as a method for paying taxes.

Colorado Becomes First US State To Accept Bitcoin As Payment For Taxes 1

The first American state to accept bitcoin for tax payments is Colorado.

According to a report by Axios Denver, Gov. Jared Polis announced the adoption of the new payment mechanism on Monday during Denver Startup Week.

Individual income tax, business income tax, sales and use tax, withholding tax, severance tax, and excise fuel tax are all tax types that citizens can pay with bitcoin, according to the report.

In addition to the more well-known debit and credit cards, ACH debit and credit, and cash, the state government’s Department of Revenue also accepts “cryptocurrency” as payment.

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Users who wish to use their bitcoin holdings to pay Colorado state taxes must, however, use a PayPal account.

Colorado’s Department of Revenue explains that “only PayPal Personal accounts can pay using cryptocurrencies,” adding that the user must have the full amount of their invoice in a single cryptocurrency in their PayPal Cryptocurrencies Hub.

Cryptocurrency tax payers will pay 1.83% of their payment amount in fees in addition to an additional $1.

As they compete to entice workers and businesses in the new remote-first economy, U.S. states have raced for the prize of the most cryptocurrency-friendly jurisdiction.

However, it is challenging to justify paying taxes in bitcoin, particularly given Colorado’s predetermined partnership with PayPal. While the user would probably miss out on future financial gains from the bitcoin price by doing so, Colorado wouldn’t receive that purchasing power since the state doesn’t intend to store cryptocurrencies or BTC on its balance sheet.

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1 COMMENT

  1. The timing of this cannot be a coincidence – given CSRQ-USDR social credit system needs people to dump cash, to adopt digital. Think about why would any US State accept a foreign currency that isn’t legal and not under their control – or was it all along as an experiment that was leading to this event?

    Just imagine, everyone using Bitcoin, might wake up one day, not realizing the bankers introduced this to workout the bugs, and then switch everyone over to their social credit system without giving anyone a vote, without informing them about it, just you wake up and suddenly Bitcoin has become USDR instead.

    Now you know the real plan for Bitcoin, totalitarianism by the bankers! Who would had imagine the bankers were behind this – that is unless you understand what the bankers represented in the first place.

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