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Colorado to begin accepting cryptocurrency as payment for taxes this summer

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Posted at 2:32 PM, Feb 24, 2022
and last updated 2022-02-24 17:37:27-05

Colorado will become the first state in the nation to accept cryptocurrency as payment of state taxes and fees.

Gov. Jared Polis announced the news on Wednesday, saying that the state would accept the crypto payments and then deposit the equivalent amount in dollars into the state’s treasury.

"It is kind of like credit card payments, with the bonus that there are no returned payments!" Polis said on Twitter.

In an interview on CNBC's "Crypto World," Polis said they plan to roll out the initiative this summer.

According to ABC News, this isn't Polis' first time dabbling into the world of cryptocurrency. In 2014, while running for U.S. Congress, he accepted Bitcoin for campaign donations.

Although Colorado would officially be the first state to accept tax payments using digital assets, Ohio attempted a similar initiative in 2018 by allowing businesses to pay a range of taxes with bitcoin, but abandoned it a year later after accusations arose that it wasn't properly vetted, Forbes reported.