Colorado Governor Wants it to be the First State to Accept Bitcoin for Taxes

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Key Takeaways:

  • Following the footsteps of other senators and governors, Governor Jared Polis shares his plans of accepting Bitcoin for tax payments. 
  • He says that Colorado will continue to be the centre for blockchain innovation. 

On Saturday at the National Governors Association, Governor and long-time crypto promoter Jared Polis said that the recent happenings in the crypto market don’t subvert his proposal to accept tax payments in Bitcoin and other digital currencies in the state. 

He sought references of international companies that accept foreign currencies as payments while contrasting his proposal. He said that the value of the dollar fluctuates and lot and also stated, “The government would not be interested in participating in the speculative aspects — positive or negative. We would simply use it as a means of exchange for purposes of payment.”

Jared was the first US politician who accepted campaign donations in Bitcoin when he was a congressman. Showing his support towards the digital currencies, he said, “I’d be thrilled to be the first state to let you pay your taxes in a variety of cryptos,” to Coindesk’s Consensus 2021 virtual conference. Further adding to his statement, he said, “Colorado is and will be the centre for blockchain innovation in the United States, attracting investments and good jobs and innovators in infrastructure, digital identity, (and) individual data security in the private and public sector.”

Colorado isn’t the first state to have plans of incorporating cryptocurrencies. On December 24, 2021, Senator Cynthia Lummis shared her plans to introduce a crypto bill that would completely change cryptocurrency’s legislative and regulatory landscape. Being the only ranking member of the Senate Banking Committee with crypto experience, she stated that Bitcoin is “digital gold” and will stay in the market for a long time. 

Followed by Lummis’ announcement, Arizona State Senator also introduced a bill proposing to make Bitcoin a legal tender in the state. In addition, the governor candidate of Texas, Huffines, has also said that if he wins, he will try to make Bitcoin a state’s legal tender. 

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Shreya Bhattacharya
Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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