Wednesday, May 18, 2022
HomeMarketsThe governor of Colorado in the US maintains plans for tax payments...

The governor of Colorado in the US maintains plans for tax payments in cryptocurrencies

Colorado State Governor Jared Polis reiterated his plans to accept cryptocurrencies for state tax payments at a meeting held by the National Governors Association.

His plans continue despite the fall recorded throughout this month of January where Bitcoin lost almost 50% of its price.

In this regard, Polis said that according to the plans, the idea is for the state to immediately convert any payment made with cryptocurrencies into dollars, so that said funds would not be subject to the volatility that is shaking the market at the moment, adding:

“The state will not have any assets in cryptocurrency, everything would be instantly converted into dollars as soon as a transaction is made. The government is not interested in participating in speculative aspects, whether positive or negative. We would simply use [cryptocurrencies] as a medium of exchange with payment penalties.”

The state of Colorado wants to be ahead

Originally, the governor of Colorado officially presented his proposal in December of last year during his participation in the Consensus 2021 virtual conference.

There Polis assured that his intention is for the state he represents to become the first in the US to allow its residents to pay their bills with Bitcoin and a wide variety of cryptocurrencies.

As such, Polis already has some experience in the use and management of cryptocurrencies. In 2014 he officially became the first American political official to legally accept Bitcoin donations to finance his campaign, and by then he has committed to those who have supported him under said mechanism to work to ensure that the crypto ecosystem has room to grow and develop in a healthy way. appropriate form.

Regarding his recent statements about keeping planes from accepting cryptocurrencies for the payment of taxes, Polis made a comparison between his proposal and the situation of international companies that accept their payments in dollars, since the price of this in their local currency also it can fluctuate, so they implement mechanisms to prevent these changes from playing against it.

Buy and sell Bitcoin and other cryptocurrencies on Bybit, the most comprehensive cryptocurrency exchange to safely and conveniently invest in the world's most traded cryptocurrencies. Sign up and see how simple it is, go to: https://bybit.com


Follow the latest news about the cryptocurrency market at:

Google News | Facebook | Twitter | Telegram | Reddit 


 

RELATED ARTICLES
- Advertisment -
30,235FansLike
15,154FollowersFollow
156,632SubscribersSubscribe

Most Popular