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.
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.
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...
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