US state Colorado has announced that residents of the city that wish to pay their taxes in digital assets are now open to doing so. According to a Monday announcement by Governor Jared Polis, users can leverage the crypto option on the Revenue Department website to pay their taxes. The US states have also leveraged a crypto hub prepared by PayPal to take the payments. However, residents would need to pay a $1 fee for charges while still paying 1.83% of the tax.
The US state teamed up with PayPal crypto hub
The US state has also clarified that residents who wish to effect this method to pay their taxes must do it from their accounts tied to their names while using just one digital asset. With this update, businesses are not yet allowed to make tax payments with digital assets, as another update that would include them could roll out before the end of the year. The announcement claimed that although payments will go through the day they are carried out, it will take a while before the transfers reflect. Once payment is made in the digital asset, it is automatically converted into cash and paid into the system in the resident’s name.
Gov. Polis has been a vocal supporter of crypto
This move was hinted at early this year after Governor Polis announced that the US state is looking forward to rolling out the initiative. In his reaction to the update, the governor mentioned that this was just a way for the US state to show that they will always provide ways to provide residents with ease of payments through the ever-changing technologies. Polis has been a fan of digital assets for a while and has championed the cause across the state. While he was still in the house of reps, Polis was very vocal in his support for the digital asset space while being one of the first few members that set up the Congressional Blockchain Caucus.
Before Colorado, states in the US tinkered with the idea a while back. One of the few was Ohio which rolled out the service in 2018 but had to halt it due to some legal issues. Other states, such as New Hampshire, Arizona, and Georgia, have also tried a thing or two regarding digital assets. Asides from that, there have been more US states providing jobs to workers in the crypto, with Denver ranking first in that position all through last year.
Source: https://www.cryptopolitan.com/this-us-state-accepting-tax-payments-crypto/