Colorado To Become The First State To Accept Bitcoin Payments

There are all kinds of optimistic predictions about the price of Bitcoin and the mass adoption of crypto s and the king coin is also going great these days.

All this is extremely bullish. The mass adoption of digital assets has been one of the most important goals in the crypto space and things are going on the right track.

Check out the latest reports which reveal that things are going great in this direction.

It’s been just revealed Colorado will become the first US state to accept crypto assets for payment of taxes, according to its governor.

It’s been just revealed that in a new interview with CNBC, Governor Polis says that citizens of the Centennial State will be able to use digital assets to pay for state taxes sometime in mid-2022.

Polis also says the state has plans to accept crypto payments for other government-related fees as well.

“We expect by this summer, pretty soon, to accept crypto for all of our state tax-related purposes, and then we plan to roll that out across all of state government for things [that] could be as simple as a driver’s license or hunting license.”

It’s also important to note fact that though the state will accept cryptos for payments, it does not currently plan to hold any as they are too volatile, according to Polis.

It’s been revealed that any crypto received by the state as payment would be converted to USD in real-time, according to the official notes.

“We cannot be in the business of having exposure to a market where securities, including cryptocurrencies, fluctuate.”

The notes continued and said:

“Our expenses are in dollars still. You never know what the future brings, but all of our expenses are in dollars, our budget got approved by the legislature in dollars, so when we talk about accepting crypto for payments, they would be converted back into dollars for our purposes.”