INSUBCONTINENT EXCLUSIVE:
Colorado will become first American state to accept cryptocurrencies for tax and fee paymentsColorado will become the first state in the
United States to accept cryptocurrencies for state tax and fee payments
Residents of the state will be able to pay their income taxes in Bitcoin and Ethereum starting from as early as June
Governor Jared Polis made the announcement a few days ago
To minimise difficulties with volatility associated with cryptocurrencies, the state will accept payments in the digital assets and then
convert them into equivalent dollar amounts in real-time before depositing them into the state's treasury
Instagram, Governor Jared Polis stated that for years, the authorities have been creating the infrastructure in Colorado to make the state a
centre of cryptocurrency and blockchain innovation
domain, according to ABC News
During his 2014 race for the United States Congress, he had accepted Bitcoin for campaign donations.Governor Jared Polis also spelt out his
vision for cryptocurrency acceptance in Colorado, from tax payments to a future state token, in an interview for CNBC Crypto World, a few
of taxes with cryptocurrency, but, according to Forbes, it was scrapped a year later following claims that it had not been properly
reviewed.Despite regulations, many states in the US are taking an experimental approach towards the cryptocurrency sector
Wyoming has introduced legislation to attract cryptocurrency miners
The state of Texas has offered cryptocurrency miners a 10-year tax exemption, sales tax credits, and state-sponsored worker training to lure
New York City Mayor Eric Adams, too, wants to make the city the centre of the cryptocurrency industry.Outside the US, El Salvador embarked
on a similar path recently
The country's Legislative Assembly passed a law making Bitcoin a legal tender in June 2021, thereby allowing the cryptocurrency to be used
for day-to-day transactions.
