Colorado May Soon Let Residents Pay Their Taxes With Cryptocurrency

With the speculative nature of cryptocurrency, those who got in early on crypto like bitcoin when it was worth a few hundred bucks or even a few thousand might have found themselves becoming millionaires in a short period of time, with returns that put even the most successful securities to shame.

So if you’re sitting on a bunch of crypto currency and you’re looking for a way to spend it, if you live in the state of Colorado, it seems that you could soon be able to start paying your taxes using your cryptocurrency holdings. This is according to an announcement by Jared Polls, the governor of Colorado who suggested that this could come into effect this summer.

Speaking to CNBC in an interview, Polls said,“We expect by this summer — pretty soon — to accept crypto for all of our state tax-related purposes. Then we plan to roll that out across all of state government for things like, could be as simple as driver’s license or hunting license within a few months after that.”

Colorado wouldn’t the first state to try and embrace crypto. For example, the state of Wyoming has introduced legislation meant to attract crypto miners, while New York City’s mayor, Eric Adams, wanted to make the city the “center of the cryptocurrency industry”. Granted, none of this beats El Salvador who back in 2021 embraced bitcoin as legal tender.

Tyler Lee
Categories: General
Tags: cryptocurrency