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Colorado Residents Can Now Use Crypto to Pay Taxes
The state's taxpayers can do so through PayPal for an additional fee.
Updated May 11, 2023, 6:13 p.m. Published Sep 20, 2022, 11:58 a.m.
Colorado residents can now pay state taxes with cryptocurrencies using PayPal, according to the state's payment portal. Payment takes place through PayPal's cryptocurrencies hub for an additional fee.
In February, Gov. Jared Polis outlined plans to accept crypto for tax payments by the end of summer during an appearance on CoinDesk TV.
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The option allows residents to use crypto to pay for personal income tax, business income tax, severance tax and withholding tax, according to an Axios report that cites a speech Polis gave in Denver on Monday.
While PayPal lets users deposit, withdraw and hold a variety of cryptocurrencies, the settlement of its crypto checkout service is in U.S. dollars. There's also a service fee of $1 plus 1.83% of the payment amount.
Several other U.S. states, including Florida and Ohio, have tested accepting crypto for tax payments, and in South America, the inflation-hit capital of Argentina, Buenos Aires, said in April it will allow crypto payment for taxes.
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Five Crypto Firms Win Initial Approvals as Trust Banks, Including Ripple, Circle, BitGo
The firms have obtained conditional approval from the Office of the Comptroller of the Currency to convert into national trust banks.
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- Crypto firms Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos received conditional approval by the OCC to become federally chartered trust banks.
- The move sets up firms to follow in the footsteps of Anchorage Digital, the first to get a federal bank trust charter in the U.S.
- A slew of stablecoin issuers and crypto firms, including Coinbase, filed for federal oversight after GENIUS Act was written into law.
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