20 Sep 2022

Colorado now accepts crypto payments for state taxes

Colorado now accepts crypto payments for state taxes

Residents of the U.S. state of Colorado can now pay their taxes in the form of cryptocurrency.

According to Colorado's Department of Revenue, payments can be made via PayPal, though at this time only personal accounts may be used. PayPal supports bitcoin, ether, bitcoin cash and litecoin. 

To make such a payment, a fee of $1.00 as well as 1.83% of the total amount will be charged, per the DOR site.

"As a state, we're on the forefront of digital innovation, whether it's applying blockchain and shared-ledger technology as a new model for funding, or whether it's simply being consumer-friendly and making sure that we allow for the kind of innovation that will disrupt legacy business practices and government practices to make them more efficient," Polis said during an event this week, according to the Denver Business Journal

Polis, a long-time crypto advocate, had announced his intention to push for crypto tax payments earlier this year. Polis was one of the co-founders of the Congressional Blockchain Caucus in 2016. He has served as governor of Colorado since January 2019.

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