Colorado Revenue Department now allows submission of personal taxes through crypto assets

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According to a new report, the Revenue Department of Colorado accepts crypto tokens for tax payments. Users can now pay their taxes through the Paypal Crypto hub. The option for tax payment is already available for the citizens on the state’s revenue department website. The payments will be immediately converted into fiat currencies for government usage. A third-party exchange facilitates this. Crypto assets can be used under the new taxation rules to pay personal taxes, but businesses are not included.

Crypto payments will be accepted by the Paypal Crypto hub with a usage fee of $1. Along with it, 1.83 percent of the transaction will be charged as payment. As the payment gets initiated, it is effective only for that day but may take up to three to five business days to get processed. Earlier this year, the state governor of Colorado also stated that the new taxation rules might include accepting crypto tokens as payment. At the Denver Startup Week, Jared Polis from the government’s side said, “We’re just showing again, from a customer service perspective, how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents.”