COLORADO SPRINGS — Gov. Polis not too long ago introduced Colorado will develop into the primary state to just accept cryptocurrency for fee of taxes and different charges.
This gained’t have an effect on you this tax season, however it’s going to quickly. Colorado will make historical past this summer season, turning into the primary state in our nation’s historical past to just accept cryptocurrency as fee for taxes, with driver’s license and searching licenses to comply with.
However how will this affect taxpayers in our state? Your taxes will nonetheless be the identical in greenback quantity whether or not you pay in money, by card, or in cryptocurrency. It’s no completely different. The state is simply providing one other type of fee for taxes. I spoke with Ben Weiss, the CEO of CoinFlip on how he thinks this may have an effect on Colorado.
“I feel they’re going to set off a wave of different states taking a look at this and Colorado is exhibiting the nation that they’re professional expertise, professional innovation and that is going to even be good for amassing income to fund {dollars} going out and in of the state,” mentioned Weiss.
“One of many arguments towards BitCoin and cryptocurrency was “Oh, effectively you possibly can’t pay taxes with it so it’s not a foreign money.” Effectively, now we will and there’s nothing extra authentic than a fee type on this nation than paying your taxes and now you are able to do that.”
Colorado gained’t maintain any cryptocurrency as a result of a 3rd get together will convert the cryptocurrency again into conventional {dollars}.
Gov. Polis says step one is accepting bitcoin and cryptocurrency as tax funds this summer season. It’s but to be decided what different charges will settle for cryptocurrency within the months to comply with.