Colorado will accept cryptocurrencies for tax payments through the end of the summer

 

Colorado’s governor has announced that the state government plans to allow residents to pay taxes in cryptocurrencies as early as the summer of 2022.

Years after Colorado became the first state to use blockchain technology in state infrastructure, the state governor wants to accept cryptocurrencies for tax payments. Jared Polis, the Governor of Colorado said:

“We expect to start accepting cryptocurrencies for all of our tax purposes this summer – fairly soon. Then we plan to roll this out across the state administration for things like driver's licenses or hunting licenses within a few months."

The governor added that he was "not at all" concerned about the potential volatility of cryptocurrencies like bitcoin as the state had no plans to hoard the coins and would convert the funds immediately. Polis cited lower transaction costs in the state's possible decision to adopt crypto payments, as well as the prospect of promoting a new asset class.

Polis first expressed its hope of accepting cryptocurrencies for taxes at Consensus 2021, continuing its long history as a crypto advocate. As a Colorado congressman in 2014, Polis was one of the first US politicians to accept campaign contributions in Bitcoin.

Not only politicians but also celebrities believe in the rise of crypto

Hollywood actor Ryan Reynolds believes the cryptocurrency universe is becoming a “big player”. However, he did not reveal whether he has invested any part of his wealth in this asset class. He said:

“I do see some value in the discussion we are having right now. I think the companies are doing a good job of putting the issue in a safer, mainstream light."

Aside from Reynolds, numerous other Hollywood actors have also emerged as advocates for the digital asset sector. One of them is Oscar-winning actress Reese Witherspoon. A few months ago, she invested in Ethereum and clarified that this was her first interaction with the cryptocurrency project.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily