“The real headlines are that Colorado has the vision to buy into more complex, technical aspects of the blockchain movement“–Paul Ebeling
According to reports, the State of Colorado will become the 1st state to accept cryptocurrency for tax payments after Governor Polis signed the Digital Token Act. There are plans to expand the new payment method into other areas, including license fees. After the acceptance, the crypto would be converted into dollars before being deposited into state accounts.
The Governor noted that cryptocurrency payments would work much like credit card payments, from the state’s perspective though it would also convey bonuses that credit cards do not offer.
As a payment mechanism for taxes and other such items, cryptocurrency is much better suited than a credit card. Governor Polis is 1 of the 1st to recognize it and implement it into law.
Governor Polis is a supporter of the crypto industry, and he understands the branding element at play here. This does not just allow residents to pay their bills in cryptocurrency. It shows residents, and the industry as a whole, that the state understands how blockchain technologies work, and that they want to be at the forefront. It tells cryptopreneurs, many of whom are still deciding where they want to put their physical footprint, that Colorado is open for business and that they are welcome.
Colorado’s Governor Polis understand how the pieces fit. And it is notable that he is the 1st to enact legislation to allow citizens to pay their taxes in crypto. That act is all Northside with little to no risk.
Again, the real headlines are that Colorado’s vision to buy into more complex, technical aspects of the blockchain movement.
Have a prosperous day, Keep the Faith!