Colorado in the US is taking progressive steps in terms of introducing crypto use cases for common people. Jared Polis, the governor of Colorado has revealed plans that, by this summer, he expects to facilitate tax-related transactions in digital currency. The state administration will then convert the collected cryptocurrency into fiat currency — US Dollars — on their end via an intermediary. As of now, the identity of this intermediary has not been disclosed by Colorado authorities.
Polis, 46, said during a recent interview, that the volatility related to crypto assets such as Bitcoin did not trouble him because his state was not planning on holding any cryptocurrency but converting them to fiat immediately.
“We expect by this summer — pretty soon — to accept crypto for all of our state tax-related purposes. Then we plan to roll that out across all of state government for things like, could be as simple as driver’s license or hunting license within a few months after that,” the Colorado governor said during the interview.
Along with benefitting from the decreased transaction costs, Polis has cited new asset class promotion as another reason for planning to enable tax payments in cryptocurrencies.
After taking office in 2019, Polis signed the Colorado Digital Token Act that aimed to spare crypto tokens with a “primarily consumptive purpose” from some securities regulations.
Chris Hansen, the state senator of Colorado is also reportedly working on a bill that…
