Bitcoin is the new payment option for Taxes

Based on a statement by Axios Denver, Governor Jared Polis unveiled the new payment option on Monday during Denver Startup Week.

The report states that citizens may use cryptocurrencies to pay for a variety of different types of taxation, including personal and corporate taxable income, sales and also use tax, tax deductions, severance tax, or excise fuel tax.

Along with more conventional options including debit/credit cards, ACH debit/credit, and cash, “cryptocurrency” is now recognized by the state government’s Department of Revenue. Full details here.

To make a tax payment to the state of Colorado using bitcoin, a user must have a PayPal account.

According to Colorado’s Department of Revenue, “only PayPal Personal accounts may pay using cryptocurrencies,” and the user must have the full amount of the bill in a single cryptocurrency on their PayPal Cryptocurrencies Hubs.

Fees for using cryptocurrencies to pay taxes will be 1.83 percent of the total payment amount plus an extra dollar.

To compete for the talent and capital of the emerging remote-first economy, states in the United States have raced to become the bitcoin industry’s most welcoming environment.

It’s difficult to establish a case for using bitcoin to pay taxes, particularly given Colorado’s shackled relationship with PayPal. However, the state of Colorado has no interest in holding bitcoin or any other cryptocurrency, thus the user would not be giving up any of their purchasing power.

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