Friday, September 30, 2022

Colorado to Begin Accepting Crypto for Tax Payment This Summer

Governor Jared Polis of the U.S Western state, Colorado has declared openly that the state will accept cryptocurrencies starting with Bitcoin (BTC) and Ethereum (ETH) as payment for tax come summer. The governor had initially talked to CNBC about the move but laid more emphasis when he made an appearance on Coindesk TV where he made an emphasis on his plans.

The state’s decision is based on the goal to be a highly friendly crypto state in the near future. Major economies have adopted crypto as a means of payment but Colorado ranks as the 1% that intends to accept digital assets as tax.

Colorado wishes to extend payment with crypto to all its state-related expenses, and the governor believes that tax payment in crypto will enhance and speed up this futuristic mission of prominently featuring crypto payments. 

Colorado parades itself as one of the 20 United States cities that has and is still considering cryptocurrency legalization. The state is following the crypto adoption tide moving in the United States. There are researches that allege that up to two-thirds of America’s population have digital asset investments. 

Jared Polis mentioned that the government intends to market Colorado as the powerhouse of the crypto economy. He referred to the advantageous laws and legislation of the state as a factor that eases the achievement of the state’s crypto goal.

He also explained that the client’s convenience and comfort influenced the need to accept a variety of digital currencies for payment as they do with credit cards. Although, BTC and ETH will be accepted at this starting point.

Colombia Put Up Tax Evasion Structures

Beyond the move by Colorado to accept digital currencies as payment for tax, the Colombian government recently started putting structures in place for regulation that would address tax evasion amongst crypto players.

The Colombian tax authority, Dirección de Impuestos y Aduanas (DIAN) admits that there has been rapid growth and adoption in the crypto sphere, and Colombia is a fast-growing crypto state and is the 2nd most active Bitcoin trading country in Latin America, hence calling for measures to cop some of the capital gains flying in the ecosystem.

The publicity digital currencies have received in recent times has done more to put crypto on the crosshairs with regulators. It will not come as a surprise to see more related tax moves introduced in the near future.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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