US State of Colorado Allows Residents to Pay Taxes with Cryptos

The Colorado Department of Revenue has allowed the state residents to make tax payments in cryptocurrencies.

According to the announcement, transactions are conducted through PayPal, which supports Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

At the moment, only personal accounts can be used.

Users who chose this payment method must pay a $1 commission as well as a 1.83% charge.

The initiative was launched in early 2022 by Governor Jared Polis, who believes that paying taxes in cryptocurrencies “will change the outdated methods of doing business and government, making them more efficient.”