Colorado is now the first US state to accept Bitcoin as payment for different tax purposes. This is another fantastic win for the crypto realm. The list of businesses, US states, and countries that want to use or accept Bitcoin keeps growing daily. So, let’s get into more detail about Colorado and its state accepting Bitcoin!
Colorado Governor Jared Polis had announced that he wanted Colorado to start accepting crypto for tax payments at the beginning of this year. Since then, Polis has been relatively quiet about that concept until TODAY. Many of the crypto community and people in Colorado are ecstatic to have another payment option for their taxes. The taxes that are included with some of Colorado’s state taxes are:
- Business Income Tax
- Severance Tax
- Excise Fuel Tax
- Withholding Tax
- Individual Income Tax
- Sales and Use Tax
Even though the Bitcoin price is down substantially from its all-time high, Polis sees the potential for the digital future of his Colorado state. As I have stated in my past articles and podcasts for New Century Gold, the domino effect is still in play. As more large players step into the cryptocurrency realm, the faster others join in. It will only be a matter of time before other states and countries follow suit behind Colorado. What a time to be alive in the crypto space!!
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Written by: Matt Senn