Colorado Becomes First US State to Accept Taxes in BTC and ETH

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Colorado lawmakers have partnered with PayPal to allow residents to pay taxes in BTC, ETH, LTC, and BCH.

Colorado authorities have announced that state residents can now pay tax in cryptocurrency instead of fiat. Among supported digital assets, there are two largest by market capitalization – Bitcoin (BTC) and Ether (ETH).

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However, Colorado's Department of Revenue is not authorized to accept direct cryptocurrency payments, which is why they cooperation with PayPal, this will help to execute the transactions.

State Officials Reveal that Colorado Residents Can Now Use Cryptocurrency means of payment of taxes corporate income tax, personal income tax, sales tax, royalties tax, withholding tax and excise tax.

PayPal will act as a broker for each transaction and convert the cryptocurrency into US dollars, meaning consumers will have to pay some fee certain for that service.

This move has turned Colorado into America's first state where individuals can use digital assets to pay taxes.

Utah is another state taking such steps, and they are expected to be up and running by early 2023.

The Mayor of New York City – Eric Adams – is also very fond of the digital asset industry. He vows to receive his first three salaries in bitcoin, while after that, he insists that blockchain technology and its value will become a teaching topic in schools.

In early 2022, Senator Wendy Rogers of Arizona introduced a bill that would make bitcoin legal tender in the region.

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