Now the Tax department of Colorado accepts particular numbers of crypto assets from the citizens in the form of payment via a crypto payment app.
Colorado is a state, which is located in the Mountain West subregion of the Western US. It encompasses most of the Southern Rocky Mountains, as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains. This state is the 21st most populous state in the US.
As per an announcement made by Colorado’s Department of Revenue, citizens can use PayPal accounts to pay taxes in Bitcoin, Ethereum, Bitcoin Cash & Litecoin. And only people can use only personal PayPal accounts only. But crypto payment choice will cause a charge of $1.00 + 1.83% of the total tax fund for the people.
As per reports, Polis, a long-time crypto advocate & govt official, said during an event this week that State is moving toward the adoption of blockchain technology in the payment system as a new funding option for the citizens and with such steps, Govt is trying to make the govt practices efficient.
“making sure that we allow for the kind of innovation that will disrupt legacy business practices and government practices to make them more efficient,” Polis.
Polis has served as governor of Colorado since January 2019. And in April of this year, he openly showed his intention that he will allow residents to pay taxes via the crypto payment options, and also he hinted at this thing in 2019 when he signed a law.
These things are showing that Govt policies are not planning to ban cryptocurrencies, instead, they want to introduce a perfect regulatory framework to include crypto assets in the payment system.
Recently White House released an extended form of crypto regulation framework, which was designed by the different Fed agencies. In the upcoming years, the US Fed will also launch a blockchain technology-based dollar, Digital Dollar.