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Colorado To Accept Bitcoin For Tax Payments

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colorado bitcoin tax

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Colorado just announced taxes can be paid in Bitcoin according to a report by Axios Denver.

Last Monday, the Colorado government, whose governor is Democrat Jared Polis, announced at Denver Startup Week that it will accept payment for numerous taxes with the leading cryptocurrency, Bitcoin. 

However, the payments will have to be made through a Paypal account, a fact that, added to the low intention of users of the currency to dispose of it, has the potential for negative repercussions with regard to taxpayer privacy. 

The simple urge of the holders to hold on to their cryptocurrency in search of its valuation already turns the idea of paying their taxes with it into an absurdity, but in addition, there is a very important issue parallel to this, which is the valuation that such individuals also grant to their privacy and freedom of speech, since it would require the Paypal account, which is notorious for cancelling the account of numerous individuals for unconventional reasons.

While the acceptance of Bitcoin as a means of paying taxes may generate a certain replicability of other states and therefore increase the institutional adoption of the currency, we need to be very vigilant about attacks on users’ privacy and freedom of speech, since the protection of these principles is the essence of the cryptocurrency. 

Arizona made moves to accept Bitcoin for tax payments already back in 2018.

Sources

https://www.infomoney.com.br/negocios/paypal-bloqueia-conta-de-olavo-de-carvalho-por-disseminacao-de-fake-news-e-discurso-de-odio/

https://www.telegraph.co.uk/news/2022/09/20/paypal-shuts-accounts-free-speech-union/

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