Politics

Colorado Approves Crypto Payments for Taxes: Why This is a Huge Win

Colorado elk

Daring precedent for the US 

The state of Colorado recently has recently decided to allow citizens to pay state taxes using crypto. Even better, the governor seems to not be a Bitcoin maxi; saying: "For consumer convenience, we want to accept payment in a wide variety of cryptocurrencies, just as we do in credit cards." The state government aims to make this happen by the end of the summer. 

Since the only other state that his agreed to do this is Florida (which is republican), Colorado's move is a huge precedent for the blockchain industry. Like El Salvador, more countries and US states adopting crypto will continue to grow at a fast rate this year.

Bipartisan after all?

In the past, there has not been much bipartisan support for the blockchain industry in the US. Mostly, it has been a handful of competent republican senators and congressmen. There have been a few democrats that have supported crypto, but they're few and far between.

This appears to have changed today, however. Colorado is a democratic state and their government appears to have done their own research. There's no question that they have made a great decision that will usher in a new wave of state level crypto laws. This is extremely bullish considering the blockchain industry desperately lacks regulatory clarity.

Cryptohopper