Paying Your Taxes Using Cryptocurrency?

You MAY be able to pay your taxes in crypto soon……

At least that’s the case if you live in Colorado. According to reports, the state is considering accepting taxes in cryptocurrency.

It remains to be seen whether or not this development may actually become a reality, as tax collected in fiat currency is one of the ways The U.S. Government creates demand for The U.S. Dollar.

The other way is through the global reserve status of The U.S. dollar, and using it for the purchase and sale of crude oil internationally.

If Colorado actually passes this as a law, it could spell out big trouble for the future of The Dollar, as demand for the fiat currency will likely dwindle.

Here’s more on the potential development:

U.S. state of Colorado considers tax payments via crypto | CryptoSlate https://t.co/0ua9q0By1k

— Phyllis Jo Kubey (@PKubeyEA) May 29, 2021

9 News, a local NBC affiliate reports:

Cryptocurrency is not exactly a new term by now, but the digital currency has caught the attention of of Gov. Jared Polis (D-Colorado).

Polis said at a virtual summit Tuesday that he’d like to see a way for residents to someday pay their taxes in cryptocurrency.

The conference itself is Consensus 2021 and is hosted by the news site CoinDesk, which focuses its reporting on cryptocurrency.

Polis expressed his interest in the idea of accepting cryptocurrency as a way for Colorado residents to pay taxes.

“I’d love to set that up and wouldn’t it be great to be the first state to do that?” Polis said.

GAINS Crypto News – May 28

— U.S. state of Colorado considers tax payments via crypto
— US Convenience Store Chain @sheetz to accept crypto for payments
— @ethereum 2.0 staking contract now has 5 million ETH
— @losslessdefi will have a public sale on @TheDaoMaker on May 30 pic.twitter.com/383esu7YI8

— GAINS Associates (@GainsAssociates) May 28, 2021

…#Bitcoin gains on gold, and Colorado thinks about crypto for tax season. pic.twitter.com/qUEMly2YBp

— Robinhood (@RobinhoodApp) May 28, 2021

Coindesk went deeper:

As a congressman, Polis became the first politician to legally accept campaign donations in bitcoin after a favorable 2014 FEC ruling. In response to a U.S. senator who was more interested in banning bitcoin than building a federal structure to support cryptocurrencies, Polis satirically suggested a ban on U.S. dollars by replacing each instance of BTC in the Senator’s letter with “dollar bills.”

“The exchange of dollar bills, including high denomination bills, is currently unregulated and has allowed users to participate in illicit activity,” he wrote.

Since he trolled legislators on Capitol Hill, Polis has become the Rocky Mountain State’s chief executive, and on Tuesday he sounded excited to be at the forefront of accommodating legislation for crypto.

“Colorado is and will be the center for blockchain innovation in the United States, attracting investments and good jobs and innovators in infrastructure, digital identity, [and] individual data security in the private and public sector,” he said.

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