news hardware Bitcoin: in this country, a new measure will make cryptocurrencies much more useful
Bitcoin usually draws the ire of various people who point to the fact that cryptocurrencies aren’t used for much except speculation. However, with the help of this new measure, some Bitcoin holders will be able to put their Bitcoin to good use.
In the United States, Colarodo accepts payment of taxes in Bitcoin
It is precisely in the state of Colorado where Bitcoin holders can now put their Bitcoins for the benefit of the community. In fact, residents of this state now have the option of paying their taxes in cryptocurrencies.
To do this, the state of Colorado turned to a giant of digital payment systems: Paypal. In this case, the government worked closely with the company’s crypto affiliate. In fact, since 2021, the payment platform has been developing services related to cryptocurrencies. With this in mind, since 2021, Paypal has been offering crypto payments and transfers in various countries, including the United States.
Based on these new features of the payment platform, taxpayers with a personal account will be able to pay their taxes with their cryptos.
“Only PayPal personal accounts can pay with cryptocurrency. PayPal business accounts cannot pay with cryptocurrency at this time. You must have the full value of your bill in a single cryptocurrency in your PayPal Crypto Center”
However, not all taxes are supported. This measure applies to six types of taxes:
- personal taxes
- withholding tax
- business income
- severance pay
- sales and use tax
- fuel consumption tax
These crypto payments are attractive as they incur less costs compared to paying by credit card. In fact, the costs incurred by a classic transaction usually amount to more than 2%, compared to 1 dollar per crypto.
This initiative comes a year after Governor Jared Polis spoke, in which he said he wanted to make Colorado a crypto-friendly state.
“We promote Colorado as the center of the crypto economy. “As a state, we are at the forefront of digital innovation, whether it is the application of blockchain and shared ledger technology as a new financing model…” Jared Polis explained during Denver Startup Week.
Bitcoin: a real currency or a financial asset?
Bitcoin wants to be an alternative currency to fiat currencies like the euro or the dollar. At the moment, the truth is that the uses related to cryptocurrencies are still quite limited. In addition to investment, Bitcoin is becoming more and more democratized in certain businesses.
For example, after the adoption of bitcoin as legal tender in El Salvador, several companies are learning about cryptocurrencies. However, the time when people will be able to pay their living expenses with Bitcoin seems relatively far away.
This new measure paradoxically puts Bitcoin at the service of the state. With this new utility, Bitcoin fills more and more boxes to pretend to become a real currency.