You can pay your taxes in cryptocurrency in Colorado

State Governor Jared Polis announced the payment option earlier this week. However, only individuals can use cryptocurrencies to pay their taxes at this time.

After shopping malls, restaurants and airlines, cryptocurrencies are becoming the preferred option for paying taxes. In the United States, people in Colorado can use these digital assets to pay them, state governor Jared Polis announced on Monday. “Taxpayers can now choose cryptocurrency as a payment option, again showing how sophisticated Colorado is in meeting the ever-changing needs of businesses and residents from a customer service perspective.”Earlier in Denver’s inaugural week, he said, The Denver Business Journal reports.

Known for his pro-crypto positions, he floated the idea earlier this year. Payments using these digital assets are already available Official Colorado Tax Website. However, it comes with some restrictions.

An option is for individuals only

Initially, cryptocurrency payments will only be accepted through PayPal, subject to a one-dollar service fee and an additional 1.83% fee on the amount. Also, they are only accessible from individual accounts. In other words, PayPal business accounts or companies cannot pay their taxes with these assets. Finally, payment must be made in a single cryptocurrency. labor “The Day They Began”, it will take three to five business days for the transfer to take place. Payments are converted directly into dollars.

For the governor of Colorado, the state is like this “At the forefront of digital innovation, whether it’s the use of blockchain and shared ledger technology as a new financial model”. It’s not the first US state to accept cryptocurrency payments for taxes. Cointelegraph reportedOhio piloted the service in 2018, but was suspended due to legal issues, making the service available for only one year.

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