Share this article
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.
Make us preferred on Google
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.
STORY CONTINUES BELOW
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.
More For You
SEC makes quiet shift to brokers' stablecoin holdings that may pack big results
The securities regulator has continued its Project Crypto work to make unofficial policy changes as it moved to let broker-dealers treat stablecoins as capital.
What to know:
- The addition of a few lines in a frequently-asked-questions page on the U.S. Securities and Exchange Commission website may open up the use of stablecoins in capital calculations for U.S. broker-dealers.
- The agency is instructing brokers that they need only give their stablecoins a 2% haircut when calculating how much they can be used as regulatory capital.
Top Stories
