Colorado accepts cryptocurrency to pay taxes, moving the state 'tech forward' – Tech Xplore

Forget Password?
Learn more
share this!
September 21, 2022
by Judith Kohler
Gov. Jared Polis said Coloradans can pay their taxes using cryptocurrency, making good on a plan he announced earlier this year.

“As of right now, the state of Colorado is officially accepting as a payment option for all taxes,” Polis said. “We’ve been talking about this for a while. We said we would deliver by the end of summer and we have.”
Polis made the announcement Monday during a news conference that kicked off the 11th annual Denver Startup Week. He said the payment program, which began Sept. 1, is an example of Colorado being “tech-forward.”
Coloradans can use to pay taxes of all kinds: personal and business income, withholding, sales and use, severance and excise fuel taxes.
“The state will operate our own ledgers in dollars. Taxpayers who pay with crypto will see their transactions converted to dollars,” Polis said.
The Polis administration has said Colorado is the first state in the country that has started accepting cryptocurrency to pay taxes. Department of Revenue spokesman Daniel Carr said the state of Ohio had a a few years ago, but didn’t proceed with accepting the digital currency.
Utah lawmakers approved a bill this year to authorize using cryptocurrency to make payments to participating and political subdivisions, said Heather Morton, who works on cryptocurrency and digital assets issues for the National Conference of State Legislatures.
The Utah legislation directs the state Division of Finance to contract with a third party by Jan. 1, 2023, to set up the process, Morton said in an email. A 2019 Colorado law authorized the state to accept digital currency for taxes, she added.
The Colorado Department of Revenue website has been modified to add cryptocurrency as a payment option when paying taxes online. People will be directed to PayPal, where they can select which cryptocurrency they want to use.
The service fee is $1 plus 1.83% of the amount. Tax refunds won’t be issued in cryptocurrency.
Carr said the volatility in the values of cryptocurrency doesn’t raise concerns about going forward with the program.
“We are using PayPal Cryptocurrencies Hub to accept all payments via cryptocurrency and they adjust for whatever the accepted cryptocurrencies values are in real-time. There is no risk to the state,” Carr said in an email.

Explore further

Venmo launching crypto feature to buy and sell Bitcoin, other digital currency

Explore further
2022 MediaNews Group, Inc.
Distributed by Tribune Content Agency, LLC.
Feedback to editors
Sep 20, 2022
Sep 20, 2022
Sep 19, 2022
Sep 16, 2022
Sep 15, 2022
6 minutes ago
46 minutes ago
3 hours ago
4 hours ago
4 hours ago
5 hours ago
12 hours ago
Apr 20, 2021
Mar 31, 2021
Mar 24, 2021
Oct 26, 2021
Aug 11, 2021
Jul 27, 2021
Sep 13, 2022
Sep 13, 2022
Sep 12, 2022
Sep 08, 2022
Sep 06, 2022
Aug 16, 2022
Use this form if you have come across a typo, inaccuracy or would like to send an edit request for the content on this page. For general inquiries, please use our contact form. For general feedback, use the public comments section below (please adhere to guidelines).
Please select the most appropriate category to facilitate processing of your request
Thank you for taking time to provide your feedback to the editors.
Your feedback is important to us. However, we do not guarantee individual replies due to the high volume of messages.
Your email address is used only to let the recipient know who sent the email. Neither your address nor the recipient’s address will be used for any other purpose. The information you enter will appear in your e-mail message and is not retained by Tech Xplore in any form.

Daily science news on research developments and the latest scientific innovations
Medical research advances and health news
The most comprehensive sci-tech news coverage on the web
This site uses cookies to assist with navigation, analyse your use of our services, collect data for ads personalisation and provide content from third parties. By using our site, you acknowledge that you have read and understand our Privacy Policy and Terms of Use.


Post expires at 7:07pm on Wednesday March 22nd, 2023

Leave a Reply

Next Post

Are Interest Rate Swaps Part of The Future of Crypto? - PaymentsJournal

Thu Sep 22 , 2022
Cryptocurrency mining isometric concept vector illustration. Computer monitor with golden shield on screen, gold coins flying out, isolated illustration on ultraviolet background with big data streamWill adults that have used cryptocurrency also use DeFi to perform interest rate swaps? In a recent article, Simon Jones, the CEO of Voltz Labs suggests that may be […]
%d bloggers like this: