Sep 20, 2022 - News
Coloradans can now pay state tax bills with cryptocurrency
Gov. Jared Polis made good on a promise earlier this year by announcing Monday that Colorado residents can now pay state taxes with cryptocurrencies.
Driving the news: The Democrat chose the first day of Denver Startup Week to formally announce that residents have the option to pay online.
- Individual income tax, business income tax, sales and use tax, withholding tax, severance tax and excise fuel tax are eligible, according to his office.
- The move is part of Polis’ broader push to encourage the use of blockchain technology in the state.
Yes, but: The announcement's timing was awkward. The most popular cryptocurrency in the world, Bitcoin, hit a three-year low this past weekend, per Axios Crypto.
- The $18,349 value for Bitcoin over the weekend was well below its 2017 high of $19,783.
- Other cryptocurrencies, including Ethereum, BNB, XRP and Cardano, all posted losses this weekend.
Of note: Polis also accepts cryptocurrency campaign contributions and is fundraising for his reelection campaign by selling non-fungible tokens (NFTs) for $52.80 each.
- As of Monday, 175 have been sold since June.
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