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Colorado residents will soon be able to use crypto to pay for taxes and other payments by the end of summer. Governor Jared Polis said that his state will soon accept Bitcoin (BTC) and Ether from its residents for payments.
Colorado is ahead of its peers in embracing crypto and blockchain technology. It is the first state to hire a Chief Blockchain Architect and has hosted hackathons focused on blockchain innovation. “Were a very forward-looking and innovative state,” Gov. Jared Polis said in a CNBC interview on February 15.
Polis said that Colorado plans to accept Bitcoin (BTC), Ethereum (ETH), and other cryptos for taxes and other payments by summer. “Using an external-facing portal, we expect by this summer to accept crypto for all of our state-related tax purposes,” he added. “And then we plan to roll that out for all of the state government, for things like -- could be as simple as -- driver's license or hunting license within a few months after that. The biggest set of transactions will be the [state] taxes that people pay, but we expect to accept crypto by this summer.”
The governor was asked if the volatility of Bitcoin and crypto prices could get in the way of the state’s plan of incorporating crypto into taxes and other payments. However, he explained that volatility won’t be an issue at all as Colorado won’t hold BTC or ETH.
“In our case, we would not hold Bitcoin or Ethereum as an asset class,” Polis explained. “It would be paid [by residents] and then converted to dollars in real-time into the way that we do our accounting -- our budget is approved and our expenses are incurred in dollars. It would really be converted at the moment it was paid, just like how we accept payments using a credit card but with a much lower transaction cost than with a credit card.”
