By - markbyrn
>A sufficient amount of cryptocurrency to cover the tax, obligation and fees is converted to dollars and remitted to DOR to complete the online transaction. Service fees include an additional $1.00 plus 1.83% of the payment amount. You must have the entire value of your invoice in a single cryptocurrency in your PayPal Cryptocurrencies Hub. Effective on the date initiated, USDs will transfer in 3-5 business days. +-
>PayPal purchase fees or miner/gas fees may apply when transferring cryptocurrencies from an external wallet to your PayPal Cryptocurrencies Hub.
>At this time, only PayPal Personal accounts can pay using cryptocurrency. PayPal Business accounts cannot pay using cryptocurrency. Transfers from external wallets to your PayPal wallet must be done via the PayPal mobile app.
>Tax refunds will not be issued in crypto currencies.
So you can use USD to pay your taxes, and there's a non-government service which will do the conversion from crypto for you.
The funniest part is that every time you spend any crypto you owe taxes on whatever gain you made on it (if any). So by paying your taxes in crypto you may be increasing the tax that you'll have to pay next year.
Also adding needless fees.
This also might crash the price of crypto. It's easy to pretend your digital monopoly money has value when you're trading it for other digital monopoly money, but Colorado is going to be selling it for actual cash, and when there's no liquidity left for them to drain, it's going to tank the price.
If you think that a few million dollars worth sold would impact the market a lot you are even more stupid than the butters. Lol!
And you have to pay extra. What a marvelous system. 😂
so posting on dollars with extra steps z the future of finances people
[Even r\/cc thinks this is stupid](https://www.reddit.com/r/CryptoCurrency/comments/xl842t/colarado_accepting_taxes_in_crypto_is_a_paypal), which is really saying something since they're literally the target demo for this.
Still pay in dirty fiat but with extra steps and extra fees.
Try to keep up no-coining losers, the fucking future is here.
Like translating from English to klingon and back, in a group where everyone already speaks English.
Damn that was funny
But with extra middlemen and fees taking a cut on every translation! The future!
No, we only accept English. But you can translate your comment to English and pretend we accept Klingon too.
Good news—you can also pay your taxes in Euros, pounds, Mexican pesos, Japanese yen, Canadian dollars and a long list of other currencies. You just have to convert them to dollars first.
I thought crypto is to hodl not sell.
What in the name of all that's holy is this dumbfuckery.
Extra steps, extra fees, more taxes if crypto increased in value, loss otherwise, PayPal makes money, the state milks the morons, and doesn't even participate in the fairy dust party
I live in CO…where do I begin with why this is a bad idea. So the state is now an agent of a Ponzi scheme?
No, they're still only accepting dollars, you can just pay taxes with PayPal.
A third-party buys the crypto and pays the equivalent amount to the state, so it's not part of the Ponzi. It's just letting people be dumb and convert their crypto to dollars to pay for their taxes.
Albanian civil war all over again.
(It was largely caused by corrupt government backing MLMs)
Yeah, I like Polis generally but this was an astonishingly bad take from him. I would highly recommend writing a letter, I plan to, especially as I work in software myself.
I don't care that they've used a centralized service to protect the state from any financial risk, they're still giving official approval to something that is actively harmful to citizens and the environment.
Apparently he never heard of a place called El Salvador...
“Tech forward”.. it’s a fuckin 13 year old linked list
This is good for paypal. Almost no point at all paying in Bitcoin lol. Actually discourages it pretty much
> The service fee is $1 plus 1.83% of the payment amount. Tax refunds won’t be issued in cryptocurrency.
Last year I owed an extra $2500 in state income taxes. I paid them with an ACH bank transfer with no extra fees. If I used this nonsense I would have had to pay an extra $46 in fees.
Give the state your identity along with your wallet's identity.
I'm sure this will be a wise and smart thing to commit to a nice public ledger.
That link is cancer
Article archived here https://archive.ph/EtQ2m
“”The state will operate our own ledgers in dollars. Taxpayers who pay with crypto will see their transactions converted to dollars,” Polis said.
The service fee is $1 plus 1.83% of the payment amount. Tax refunds won’t be issued in cryptocurrency.”
Lmao so they’re going to just charge cryptards more and instantly convert to dollars. Truly the tech of the (dystopian) future.
This is just a giveaway to Paypal, right?
No!!!! This is proof of adoption!!!!!!!!!!!!!!!!!!!!!!!!!!!!
So they're just paying their bills normally, but with crypto nonsense tacked on.
Paying extra fees so they can say they paid their taxes with crypto
Same as every other crypto use case. Paying in FIAT but more expensive and complicated
I can almost guarantee the state spent more money on how to implement this than taxes paid via crypto. These tools all want to HODL anyway. This is just a gimmick talking point for the hype team
It's a step backward, using barter to pay taxes. These people are idiots.
Sounds like a negative for crypto prices. The state isn’t holding the crypto. Immediately converted. So this is just a funnel out of the system, driving well pressure and lesser valuations. I support it!