Colorado Governor Announces Plans To Accept Crypto For Tax Payments

Colorado Governor Jared Polis has announced that the state is preparing the groundwork to begin accepting crypto for tax and other official payments. Governor Polis made the announcement during an appearance on CoinDesk TV. 

Plans To Accept Multiple Cryptocurrencies 

Speaking about his plans to enable Colorado to accept cryptocurrencies for tax and other payments, Governor Polis stated that they would want to make payments as convenient as possible for consumers, which is why the state would accept payment through a wide selection of cryptocurrencies, comparing them to credit card payments. 

The governor also announced that Colorado is exploring the option of engaging with companies that will handle the crypto transactions, stating that the state does not want to take any speculative risks of holding the digital assets, which is why there would be a transactional layer. Governor Polis had first announced his plans to accept cryptocurrencies as payment for taxes at Consensus 2021. He had stated, 

“I’d be thrilled to be the first state to let you pay your taxes in a variety of cryptos.”

He had also announced plans to create legislation for crypto after becoming governor, adding, 

“Colorado is and will be the center for blockchain innovation in the United States, attracting investments and good jobs and innovators in infrastructure, digital identity, [and] individual data security in the private and public sector.”

A Big Believer In Crypto 

Governor Polis has been a vocal proponent of cryptocurrencies, with his association with crypto going as far back as 2014 when he became one of the first politicians in the United States to accept campaign donations in BTC. 

Colorado’s foray into accepting crypto is not the first time a state has undertaken such a move. Ohio and Seminole County in Florida had launched similar programs, but they were ultimately unsuccessful and were scrapped. 

Following The Miami Model 

Miami has set an example in successful crypto adoption, with its MiamiCoin helping the city pull in $8 million by late 2021. Miami Mayor Francis Suarez is also another vocal supporter of crypto and Bitcoin, having successfully made Miami a crypto hub. 

Mayor Suarez believes that crypto can empower local programs and change how they are funded, with Miami on track to generate around $60 million over the next year. Miamicoin was launched in August last year and is powered by CityCoins. CityCoins is a blockchain project that allows people to invest in cities by mining or buying tokens. Citizens can then earn yields in BTC. Mayor Suarez had also announced plans to give BTC to Miami citizens. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.