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Colorado is the first US state to accept tax payments in cryptocurrencies

The US state of Colorado is now accepting cryptocurrencies to pay its taxes, and city residents who want to take advantage of this feature can finally do so.

Provisions for paying taxes via digital tokens are now available on the State Department of Revenue website.

Residents can now pay taxes through cryptocurrency, but must pay a fee of $1 while paying 1.83% of the tax.

Tax payments are accepted through PayPal’s Cryptocurrency Hub. Payments are accepted from individual personal accounts using only one type of crypto.

Only personal accounts can pay taxes on digital assets. Businesses have yet to receive a green signal for paying taxes via digital tokens.

Payments are effective on the start date, but can take up to 3-5 days to complete the transfer. These payments are converted into fiat currency at once.

PayPal to make crypto tax payments easier

Jared Polis previously pitched the idea of ​​a crypto tax payment option for some time this year. However, Colorado was slow to implement it.

Colorado’s history is very well positioned for digital tokens, which also helped it rank on The Ascent’s list of the top 5 crypto states.

In 2019, Colorado passed the Colorado Digital Token Act. The law exempts certain digital tokens from securities regulation.

At the time, this was Colorado’s move to digital assets, and the latest crypto tax payment reinforces the same idea.

As The Police mentioned at Denver Startup Week,

From a customer service perspective, it shows once again how the state of Colorado is technologically advanced to meet the ever-changing needs of businesses and residents.

Colorado residents can pay these taxes using PayPal as shown on the state’s payment portal.

PayPal has a cryptocurrency hub and charges extra for these payments through their payment platform.

Users can deposit, withdraw and hold several digital tokens. Payments for checkout services must be made in US dollars.

Other US cities are also showing interest in cryptocurrencies

Colorado has been a proponent of digital assets in the past as it has driven technological advancements within the state.

Jared Polis is a member of the United States House of Representatives. He has been actively involved in cryptocurrency legislation and was also a founding member of the Congressional Blockchain he caucus.

Several other states also wanted to pay their taxes in digital tokens. Ohio was the first to do so in 2018, but later stopped due to legal complications.

New Hampshire also wanted to apply for a digital token tax payment, but the bill never made it through the state legislature.

This is also true for Illinois, Georgia, and Arizona, which also account for crypto tax payments.

Other crypto-friendly laws included Miami and New York. Mayors of Miami and New York have decided to receive their first paychecks in Bitcoin. This approach has attracted digital token businesses to these locations.

Colorado is the first US state to accept tax payments in cryptocurrencies

Source link Colorado is the first US state to accept tax payments in cryptocurrencies

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