Colorado Governor Polis Said That The State Would Adopt Cryptocurrency For Tax Purposes By This Summer.

Colorado Governor Jared Polis (D) stated in an Ethereum-focused talk in Denver on February 18 that the state will take state taxes and fees in cryptocurrency by the summer of 2022.

The Colorado state will not retain those assets in that form, but it will have a layer that accepts payment in those forms and then converts it to dollars, for budgeting and payments, he adds in his ETHDenver lecture.

He added:

“But as a matter of convenience for the public, we will be accepting first for taxes and then for many different fees and services by this summer.” 

Colorado will accept cryptocurrency payments for state taxes and fees for enhanced consumer convenience and faster payment rates, according to the governor. The government is still searching for the ideal business to handle these cryptocurrency transactions.

Polis has been supportive of cryptocurrency throughout his time in Congress, playing a crucial role in the 2016 creation of the Congressional Blockchain Caucus, a place for politicians to discuss legislation and regulation connected to Web3 technology.

In his ETHDenver lecture, Polis adds that Ethereum and blockchain are a “critical part of Colorado’s overall innovation ecosystem,” and that Colorado will be a crypto-forward state.

Similarly, Senator Wendy Rogers of Arizona sponsored legislation to make bitcoin legal money in the state in January 2022.

The bill would add bitcoin to the list of commodities considered legal tender in Arizona, making the peer-to-peer digital currency a legal method of exchange in the state and allowing citizens to pay bills, public charges, taxes, and dues in BTC.

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Patrick

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