Colorado Becomes First US State To Accept Bitcoin As Payment For Taxes

2022-9-21 18:29

Colorado residents can now pay state taxes with bitcoin and cryptocurrency –– but only with a PayPal account.

Colorado has become the first U.S. state to accept bitcoin for tax payments.

Gov. Jared Polis announced the implementation of the new payment method on Monday, at Denver Startup Week, according to a report by Axios Denver.

Citizens can use cryptocurrency to pay individual income tax, business income tax, sales and use tax, withholding tax, severance tax and excise fuel tax are eligible, per the report.

The state government’s Department of Revenue now lists “cryptocurrency” as a payment method among the more well-established debit and credit cards, ACH debit and credit, and cash.

However, users interested in parting with their bitcoin holdings to pay Colorado state taxes need to use a PayPal account.

“Only PayPal Personal accounts can pay using cryptocurrency,” Colorado’s Department of Revenue details, adding that the user needs to have the entire value of their invoice in a single cryptocurrency in their PayPal Cryptocurrencies Hub.

Citizens paying their taxes with cryptocurrency will be charged an additional $1 plus 1.83% of the payment amount in fees.

U.S. states have raced for the trophy of the most cryptocurrency-friendly jurisdiction as they seek to attract workers and businesses of the new remote-first economy.

However, it is hard to make the case for paying taxes with bitcoin, especially in Colorado’s fixed arrangement with PayPal. While the user would likely forgo future capital appreciation from the bitcoin price by doing so, that buying power wouldn’t be transferred to Colorado as the state doesn’t seek to hold BTC or cryptocurrency on its balance sheet.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 61750.81 (+0.16%)
Îáúåì 24H $27.229b
Èçìåíåèÿ 24h: -1.29 %, 7d: -1.61 %
Cåãîäíÿ L: $61392.69 - H: $61807.59
Êàïèòàëèçàöèÿ $1216.378b Rank 1
Öåíà â ÷àñ íîâîñòè $ 19014.92 (224.75%)

bitcoin colorado state taxes becomes pay cryptocurrency

Èñòî÷íèê: bitcoinmagazine.com

bitcoin colorado → Ðåçóëüòàòîâ: 48


Ôîòî:

Breaking: US State Colorado Will Accept Bitcoin For Tax Payments Starting This Summer

Colorado Governor Jared Schutz Polis has just announced that his state will begin accepting Bitcoin for tax payments starting this summer. Speaking to CNBC on Wednesday, the state’s Governor Jared Schutz Polis confirmed that his administration was fast-tracking a plan to roll out a framework that will see Colorado residents start to pay their taxes […]

2022-2-17 17:12


Ôîòî:

‘We’re Going to Find You’ – How Undercover Agents Trade Prison Time for Bitcoins

An Australian national living in Boulder, Colorado was slammed with a one year and a day prison sentence last month for trading bitcoins. An August 23 statement from the Colorado U.S. District Attorney’s Office states that Emilio Testa, 32, was charged with money laundering, and claims Testa knew the funds he was acquiring had been […] The post ‘We’re Going to Find You’ – How Undercover Agents Trade Prison Time for Bitcoins appeared first on Bitcoin News.

2019-9-2 18:00


Ôîòî:

Cryptocurrency and Blockchain Regulations Clarified in Rocky Mountain U.S. States

In a bid to provide regulatory clarity to issuers and buyers of distributed ledger technology (DLT) based virtual currencies in the area, Wyoming, Colorado, and Montana states have taken the bold step to draft bills pertaining to the use of bitcoin and altcoins,  reports Natlawreview  on August 1, 2019 The Pro-Crypto Trio Per sources closeRead MoreRead More.

2019-8-3 01:00


Ôîòî:

US regulator blacklists Colorado trader for orchestrating $1.5M Bitcoin scam

A man in the US has been barred from trading following his alleged involvement in a Bitcoin scam that resulted in losses of approximately $1. 5 million in investors’ funds. The Financial Industry Regulatory Authority (FIRA) – a non-governmental organization that regulates member brokerage firms and exchange markets – looked into claims that Daniel Todd Levine, of Englewood (Colorado), offered investors a chance to buy discounted Bitcoin in return for significant returns on their investment.

2019-3-25 18:55


Ôîòî:

Elections Canada Consults With Political Parties on Crypto Donations

According to Elections Canada, the agency that runs federal elections in Canada, there has been “a growing interest” in cryptocurrency donations. This trend has prompted some political parties to ask for a ruling on how best to manage bitcoin and other cryptocurrency political donations and how to navigate the various reporting systems required by both Elections Canada and the parties so that they comply with the Canada Elections Act.

2019-1-24 20:28


Ôîòî:

Colorado Securities Regulators Crack Down on 18 ‘Fraudulent’ ICOs, With More on the Way

The Colorado State Department of Regulatory Agencies (DORA) has filed cessation orders against four ICOs that were allegedly involved in ‘fraudulent and illicit’ practices, bringing the total number of ICOs stopped by the state’s bodies to 18 this month, Denver Business Journal reported on November 22, 2018.

2018-11-25 14:00


Ôîòî:

Democrats Victories in California, Colorado Gubernatorial Elections Good for Bitcoin

At a time when the bears have the upper hand in the cryptocurrency markets, the recent victories for blockchain and crypto loving political candidates in the recently concluded 2018 midterm elections within California and Colorado could be the much-needed catalyst for another bullish rally soon, reported ETF Trends, on November 7, 2018.

2018-11-9 06:00


Ôîòî:

Colorado Investigates Bionic Coin, Sybrelabs Ltd. and Global Pay Net for Allegedly Promoting Unregistered ICOs

Colorado is getting serious in its drive to weed out potential bad players in the crypto scene. The Division of Securities of Colorado’s Department of Regulatory Agencies (DORA), via its ICO Task Force, is currently investigating three firms for promoting unregistered initial coin offerings (ICOs).

2018-9-4 16:19


Ôîòî:

Bitcoin Inside: Crypto Mining Farm to Open in Former Intel Facility

California-based 3G Venture II has paid $13 million for a significant portion of an old Intel chip plant in Colorado Springs, which it intends of turn into a new bitcoin mining operation. Mining Farms Opening Around the World Miners have been flocking to cities that offer cheap electricity to reduce costs and increase profits, and it looks like Colorado Springs may join the list.

2018-6-23 07:00


Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Ethereum price prediction: Is $2500 the next bearish target for ETH?

Ethereum showed a bearish market structure and could be headed for $2.5k. The OBV slipped below a key level as selling pressure increased. Ethereum [ETH] was in a bearish trend on the daily The post Ethereum price prediction: Is $2500 the next bearish target for ETH? appeared first on AMBCrypto.

What Chainlink's rising development activity means for LINK

Development activity on Chainlink increased materially in the last few days. Price of LINK continued to fall as network growth declined. Chainlink [LINK] has been one of the most prominent iThe post What Chainlink's rising development activity means for LINK appeared first on AMBCrypto.

Ethereum headed to 'the grave' if SEC rejects ETH ETFs, say analysts

ETH faces immense odds as the ETF deadline approaches  Analysts predict BTC or SOL as potential beneficiaries of ETH woes  Ethereum [ETH] could face a bumpy ride and even a massive bloodbaThe post Ethereum headed to 'the grave' if SEC rejects ETH ETFs, say analysts appeared first on AMBCrypto.

Bitcoin dominance tops 50% amidst market volatility: What's next?

BTC remained the most dominant asset despite recent declines. BTC rose above the $61,000 price range. Bitcoin [BTC] prices have been fluctuating, moving in and out of the red zone, highlightThe post Bitcoin dominance tops 50% amidst market volatility: What's next? appeared first on AMBCrypto.

XRP price prediction: This group should wait for a 10% drop before buying

XRP has a strong support zone just below the current market prices. A drop below $0.5 remains likely based on the findings from the technical indicators. Ripple [XRP] has traded in a range fThe post XRP price prediction: This group should wait for a 10% drop before buying appeared first on AMBCrypto.