We built the Gemini platform so customers can buy, sell, and store digital assets (e.g., Bitcoin, Ethereum, and Zcash) in a regulated, secure, and compliant. Colorado will become the first state to accept cryptocurrency as payment for state taxes and fees, Governor Jared Polis announced Wednesday. Crypto assets can be used under the new taxation rules to pay personal taxes, but businesses are not included. Crypto payments will be accepted. BUY BITCOIN HAWAII

Taxpayers will be directed to use PayPal, where they will be able to select their desired cryptocurrency for the payment, Carr said. Sufficient digital assets to cover the tax obligation and associated fees will then be remitted and converted to dollars before moving to the revenue department. The transactions will take between three and five business days to clear.

Taxpayers will also pay a premium to transact their tax obligations in digital currencies. PayPal purchase fees and other charges—imposed when transferring cryptocurrency from an external wallet to the PayPal Cryptocurrencies Hub—may also apply.

Adds PayPal details in first and third paragraphs. To contact the reporter on this story: Michael J. Bologna To contact the editors responsible for this story: Rachael Daigle. Luke Sillay thinks games should be fun to play Image: Shutterstock According to a new report, the Revenue Department of Colorado accepts crypto tokens for tax payments.

Users can now pay their taxes through the Paypal Crypto hub. The payments will be immediately converted into fiat currencies for government usage. A third-party exchange facilitates this. Crypto assets can be used under the new taxation rules to pay personal taxes, but businesses are not included. Along with it, 1. As the payment gets initiated, it is effective only for that day but may take up to three to five business days to get processed.

Earlier this year, the state governor of Colorado also stated that the new taxation rules might include accepting crypto tokens as payment. Even in the House of Representatives, Polis was active in the Congressional Blockchain Caucus as the founding member with active participation to support crypto tokens even in the legislation. Many states in the US are also trying to adopt crypto payments under new tax laws.

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In , he accepted Bitcoin for campaign donations during his run for the U. Congress following a Federal Exchange Commission ruling that went in his favor. MORE: Cryptocurrency attracting Black, Latino investors and fans Although Colorado will be the first state to officially welcome cryptocurrency payments for taxes, Ohio implemented a similar program for a test run in , which was ultimately deemed unsuccessful and abandoned in Outside the U.

Polis has expressed an interest in having the state be able to process and accept cryptocurrency by the summer, although he has yet to provide a more specific timeline. At this time, only PayPal Personal accounts can pay using cryptocurrency. PayPal Business accounts cannot pay using cryptocurrency. Transfers from external wallets to your PayPal wallet must be done via the PayPal mobile app.

Tax refunds will not be issued in crypto currencies. You do not need to log in to make a payment. For more information, please review the attached FAQs.

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He said the payment program, which began Sept. The Polis administration has said Colorado is the first state in the country that has started accepting cryptocurrency to pay taxes. Utah lawmakers approved a bill this year to authorize using cryptocurrency to make payments to participating government agencies and political subdivisions, said Heather Morton, who works on cryptocurrency and digital assets issues for the National Conference of State Legislatures.

The Utah legislation directs the state Division of Finance to contract with a third party by Jan. A Colorado law authorized the state to accept digital currency for taxes, she added. The Colorado Department of Revenue website has been modified to add cryptocurrency as a payment option when paying taxes online.

We'll notify you here with news about Turn on desktop notifications for breaking stories about interest? OffOn Colorado to become the first state to accept cryptocurrency as payment for taxes Governor Jared Polis announced the plan on social media Thursday. ETHDenver is the largest and longest running Ethereum Blockchain event in the world with more than 15, cryptocurrency devotees attending the weeklong meetup.

Bitcoin tokens, one of the popular cryptocurrency, is seen in an undated stock image. In , he accepted Bitcoin for campaign donations during his run for the U.

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EthDenver Celebrates Crypto In Colorado

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