Colorado Set to Adopt Bitcoin in Tax Payments, Governor Announces

Bitcoin in Tax Payments

Colorado Governor, Jared Schutz Polis, has announced that his state is planning to accept Bitcoin for tax payment beginning this summer.

The Governor says the state is working on the rollout of infrastructure that would support tax payment in the digital asset and other cryptocurrencies.

Polis has asked his constituents to remain calm even as questions arise on how viable the move would be given the volatile asset. He says that a third party would be contracted to convert the digital assets into dollars immediately.

The governor is also looking at rolling out the program to other services as an extension to the use of crypto in tax payments.

Polis has been a staunch supporter of Bitcoin and cryptocurrencies and was the first politician in the US to accept campaign donations in crypto.

The announcement comes as the regulators move to curb the sector amid the surging adoption and rising use cases. 

Source: Zycrypto

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