Jared Schutz Polis, the Governor of Colorado, has recently announced that his state has adopted Bitcoin (BTC) for tax payments, stating that the new development will be effective starting this summer.
In a recent interview on CNBC, the Governor revealed that the state is planning to advance further in more nascent payment models with a vision for a likely state token.
It should be noted that Polis has been a long-time supporter of cryptocurrency. He was the first United States politician to accept campaign donations in Bitcoin (BTC).
In the course of the interview, Polis called for calm among residents who are concerned about the price instability of Bitcoin and other cryptocurrencies.
Jared Polis noted:
“We expect by this summer, very pretty soon, to accept crypto for all of our state tax-related purposes.”
“It is important that people know from a state perspective we cannot be in the business of having exposure to a market where securities, including cryptocurrencies, flash away,” he added, “our expenses are in dollars so so when we talk about accepting cryptocurrencies for payment they would be converted back into dollars for our purpose.”
How the Downside of Volatility Can Be Curbed
According to the Governor of Colorado, an intermediary that will immediately convert cryptocurrency to Dollars will be contracted in order to curb the downside of the crypto market’s volatility.
Back in May 2021, at a crypto conference, Polis pointed out that he would be excited if Colorado becomes the first state to allow payment of taxes in different forms of crypto. He also noted that he desires to make his state the center of blockchain innovation in the United States:
“It could be as simple as a driver’s license or a hunting license within a few months after that, but the biggest set of transactions are the taxes that people pay and we expect to accept crypto by this summer.”
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