Colorado Allowing Payment of Taxes With Cryptocurrency

Slowly other nations will join in this causing shock in supply, the future of money is gradually paving way

Wow. This is a step to mainstream. Before you know it there are general salary payment in crypto

Paying the State with crypto feels very dirty to me.

https://twitter.com/wheelly_dope/status/1572353451098771459
https://twitter.com/RuelChavez5/status/1572396733707190273
https://twitter.com/JacoAlberts1/status/1572483818111614979
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Definitely a step forward.

$1 + 1.83% fee seems like a pretty good deal considering you can use crypto on the upswing.

I'm sure they just turn around and cash out immediately as to not be exposed to volatility. It's basically like accepting the next generation of credit cards.

So, somebody is a visionary there.

One step at a time we are getting there, crypto is future of money

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I !Love this:

Colorado’s plan to accept cryptocurrency for state tax payments and other government fees is proof of crypto’s wide acceptance as both an investment and payment method.

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I think it's a good option because the state would be paid in fiat regardless and you said it would also be cheaper than paying with a credit card. So I think this will help more states move towards this change if it works out well.

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ironic

the truth is that it is a step forward to cancel taxes with Cryptocurrencies would make everything much easier for everyone

!PGM
!PIZZA

greetings @capataz4450
they are strategies to capture more resources, no doubt it is a very studied idea to get money to serve them for the disbursements, one day they are detractors and when talking about money everything is valid.

Summary:
In this video, the speaker discusses an article from BlockWorks about Colorado residents now being able to pay state taxes with cryptocurrencies through a partnership with PayPal. The state of Colorado is accepting various taxes, such as income tax, business income tax, sales and use tax, using cryptocurrencies like Bitcoin, Ethereum, Bcash, and Litecoin. There is a service fee associated with using cryptocurrency, but it is still a cheaper option compared to using credit cards. The speaker emphasizes the importance of this move by Colorado as it legitimizes cryptocurrency and provides a tangible use case for people's digital assets. The speaker also addresses the broader implications of states embracing cryptocurrency for tax collection and hints at potential future developments in this space.

Detailed Article:
The discussion in this video revolves around a significant development in the realm of cryptocurrency and taxation, specifically focusing on Colorado's decision to allow residents to pay a variety of state taxes using cryptocurrencies through a partnership with PayPal. The speaker highlights the key points from the BlockWorks article, stressing the importance of this move and its potential implications.

Colorado's initiative allows residents to pay individual income tax, business income tax, sales and use tax, withholding tax, severance tax, and excise fuel tax using cryptocurrencies like Bitcoin, Ethereum, Bcash, and Litecoin. While the state still operates in dollars and will receive payments in dollars, the integration with PayPal's payment system enables individuals to utilize cryptocurrencies for tax payments. It is noted that using cryptocurrency incurs a service fee of $1, plus 1.83% of the total owed, which is lower compared to the fees associated with credit card payments.

The speaker acknowledges the significance of this step taken by Colorado, emphasizing that it legitimizes cryptocurrency within the state and provides a tangible use case for digital assets. By allowing tax payments in cryptocurrency, Colorado is adapting to the trend of embracing digital currencies, which could have broader implications on the landscape of taxation and financial transactions. The move also highlights the state's focus on tax collection and adapting to the evolving financial ecosystem driven by digital currencies.

Furthermore, the speaker touches on the broader context of states' attitudes towards cryptocurrency and taxation, drawing parallels to the dichotomy between state and federal laws, particularly citing the example of marijuana legalization. The speaker suggests that Colorado's move may prompt other states to consider similar initiatives, especially if PayPal extends this service to other states. This shift could potentially lead to a wider acceptance and utilization of cryptocurrencies for various financial transactions beyond tax payments.

In conclusion, the speaker sees Colorado's decision as a significant step towards mainstream acceptance of cryptocurrencies and envisions a potential domino effect where other states may follow suit. This move not only streamlines the tax payment process for residents but also signals a shift towards digital integration in traditional financial systems, further blurring the lines between fiat and digital currency transactions.

Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.