Crypto

You Can Now Pay Taxes in Colorado with Bitcoin (BTC) or Other Cryptocurrencies – BitcoinCryptoAdvice.com

Governor of Colorado Jared Polis promised last February that it is now possible to pay taxes in bitcoin (BTC) or other cryptocurrencies in this US state.

Colorado is the first eThe US state will accept payments in cryptocurrencies in the US.

Personal income tax, corporate income tax, VAT, income tax, departure tax and fuel excise tax will be eligible for payment.

The ability to pay with cryptocurrencies is already integrated with the Colorado Tax Administration website, indicating that cryptocurrencies are being paid through PayPal.

PayPal’s payment processor allows Americans to pay with multiple cryptocurrencies, including Bitcoin BTC, Ethereum ETH, Litecoin LTC, and Bitcoin Cash (BCH).

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“We show again from a customer service perspective how Colorado is at the forefront of technology to meet the ever-changing needs of businesses and residents. Colorado Governor Jared Polis said.

A committed pro-cryptocurrency governor looking to draw attention to new technologies, Jared Polis even included the use of non-fungible tokens (NFTs) in his campaign.

An announcement illustrating the growing adoption of cryptocurrencies in everyday life and even in the tax administration of some states.

As of 2020, the Swiss city of Zermatt already accepts tax payments in BTC, as we mentioned in an article on this topic.
In 2019, the small town of Innisfil in Canada also spoke out in favor of introducing bitcoin tax payments.

As such, crypto payments are gaining strength day by day despite the slow crypto market currently amid a bear market that is set in the long term.

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