Colorado Governor Jared Polis announced that local residents will be able to pay taxes in BTC and ETH from the middle of this year. The authorities will exchange them for US dollars.
V interview Jared Polis reported to CNBC that in the future, the administration may allow the use of cryptocurrencies for all payments made in the state, for example, to obtain a hunting license or pay a state fee for issuing a driver’s license. The Governor noted that this initiative will be discussed with state authorities.
The policy explained that the use of bitcoin or ether to pay taxes does not mean their legalization. Given that crypto assets are subject to strong price fluctuations, the authorities will not hold them for a long period. The received crypto assets will be converted into US dollars.
Jared Polis is considered a longtime supporter of cryptocurrencies. He previously accepted bitcoin donations for his political campaign to turn Colorado into a blockchain innovation hub. Last year, Polis approved the use of blockchain to store records of the state’s water resources.
In general, Colorado does not hinder the development of cryptocurrencies. In 2019, the Governor signed into law legislation that would make certain digital assets in the state exempt from the Securities Act and other laws governing financial instruments.
Source: Bits
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