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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.
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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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In the latest of a series of meetings hosted at the White House, bankers and crypto policy experts met to break down the wall halting the market structure bill.
What to know:
- The latest negotiations between banks and the crypto sector made "progress," but no significant accord has yet been announced on stablecoin yields.
- Representatives of the banking industry and policy experts from crypto faced each other across a White House table again to see if the third time was a charm for coming to a compromise.
- The continued lack of a deal has been holding back advancement of the crypto market structure legislation.
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