Governor Jared Polis delivered on his promise earlier this year when he announced Monday that Colorado residents can now pay state taxes with cryptocurrencies.
Driving the news: The Democrat chose the first day of Denver Startup Week to officially announce that residents have the option to pay online.
- Personal income tax, business income tax, sales and use tax, withholding tax, departure tax, and fuel excise tax are eligible, depending on his office.
- The move is part of Polis’ broader efforts to encourage the use of blockchain technology in the state.
Yes, but: The timing of the announcement was awkward. The world’s most popular cryptocurrency, Bitcoin, hit a three-year low last weekend, according to Axios Crypto.
- The $18,349 value for Bitcoin over the weekend was well below its 2017 high of $19,783.
- Other cryptocurrencies including Ethereum, BNB, XRP and Cardano all posted losses over the weekend.
To note: Polis is also accepting cryptocurrency campaign contributions and raising money for his re-election campaign by selling non-fungible tokens (NFTs) for $52.80 each.
- On Monday, 175 have been sold since June.
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