Colorado will accept cryptocurrencies for tax payments

Jared Polis, governor of the state of Colorado, revealed that the entity is preparing to become the center of the crypto economy and as of August it will be ready to receive different cryptocurrencies as a form of payment of the entity’s taxes, although not keep in your treasury.

 “We are putting Colorado at the center of the crypto economy. not only do we have favorable laws and regulations, but we also have a great innovation ecosystem here (…).”

The governor stressed that, for the development of this initiative, his administration is working to make alliances with companies in the cryptographic industry in order to support the state in the process of cryptocurrency transactions.

According to Polis, the state of Colorado will not keep the digital assets received in its treasury, which is why it is looking for a way to work with a payment processor that makes the change to fiduciary currency. “Our budget is still in dollars. We don’t want to take the speculative risk of having crypto, so we’ll have a transactional layer there,” he expressed.

Colarado maximizes the use of blockchain technology

The Governor of Colorado recalled that his entity has been working in the crypto economy for some time and highlighted that his state was the first to hire a specialist blockchain architect for its technical office and is currently developing the ETHDenver conference, a free multi-day event focused on in the Ethereum ecosystem.

Since 2019, the Colorado authorities have been working on the cryptographic ecosystem and legislators, in particular, began discussions on the possibility of taking advantage of blockchain technology for different operations such as soil monitoring and water rights management and apparently the initiative finally succeeded.

According to Polis, in the coming months, the state will be making various announcements about the adoption of cryptos and the underlying technology they possess.

M. Rodríguez

Source: diariobitcoin.com