The American state of Colorado now accepts cryptocurrency for tax payments, Gov. Jared Polis announced on Monday. The option is already available on the state Department of Revenue website.
Colorado tax payments are accepted through the PayPal Cryptocurrency Hub with service fees of $1.00 plus 1.83% of the payment amount. Payments are accepted only from personal accounts in a single cryptocurrency. Businesses cannot pay their taxes via crypto yet. Payments will be effective on the day they are initiated, although it will take three to five days for the transfer to take place. Payments are immediately converted into fiat.
The Colorado governor said earlier this year that he expected the state to begin accepting payment in crypto. Speaking at the opening of Denver Startup Week, Polis said of the new payment option:
“We’re just showing again, from a customer service perspective, how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents.”
Polis is a...
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