In this regard, Polis made it clear that this will not affect the state of Colorado as crypto funds will be exchanged for dollars upon receipt of payment, so the administration will not hold digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies to be affected by volatility.
While the fall in the prices of the main cryptocurrencies have caused many entities and organizations to review their plans, this does not seem to be the case of the governor of the state of Colorado, Jared Polis, who confirmed that he is going ahead with his intention that residents have the ability to pay their taxes with digital currencies.
The plans are still on track
This was confirmed by Polis last Saturday during a meeting held by the National Governors Association, meeting in which the official reiterated that his plans to accept cryptocurrencies for the payment of state taxes remain in place, despite the fall recorded throughout this month of January where Bitcoin came to lose almost 50% of its quotation.
In this regard, Polis commented that according to the plans, the idea is that the state would immediately convert any payments made with cryptocurrencies into dollars, so such funds would not be subject to the volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. that shakes the market an area or arena, online or offline, in which commercial dealings are conducted. at the moment, adding:
“The state will not hold any cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. assets, everything would be instantly converted into dollars as soon as a transaction is made. The government is not interested in engaging in speculative aspects, whether positive or negative. We would simply use [cryptocurrencies] as a medium of exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. for payment purposes.”
Colorado wants to stay ahead of the curve
The Colorado governor originally formally introduced his proposal in December of last year during his participation in the virtual conference Consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. 2021. There Polis said he intends for the state he represents to become the first in the U.S. to allow its residents to pay their taxes with Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and a wide variety of cryptocurrencies.
As such, Polis already has some experience when it comes to the use and handling of cryptocurrencies. In 2014, he officially became the first U.S. political official to legally accept donations. Bitcoin to fund his campaign, and by that time he pledged to those who have backed him under such a mechanism to work to ensure that the crypto ecosystem has room to grow and develop properly.
Regarding his recent statements about maintaining plans to accept cryptocurrencies for tax payments, Polis made a simile between his proposal and the situation of international companies that accept their payments with dollars, since the price of this to their local currency currency is a medium of exchange that defines value. can also fluctuate, so they implement mechanisms to prevent these changes play against them.
US and digital currencies
While Polis wants Colorado to move forward along these lines, the regulatory landscape for cryptocurrencies in the U.S. is looking increasingly delicate.
Recently published reports revealed that President Joe Biden’s administration has plans to regulate cryptocurrencies at the federal level, for which it will address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the issue under the category of “ National Security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. “and will summon various agencies through an executive order to work together on this issue.
Meanwhile, the cryptocurrency market has been shaken up a bit a bit is a basic unit of information in computing. after recent announcements from the Federal Reserve (FED), whose chairman Jerome Powell confirmed last week that bank interest rates will begin to rise starting next March.
- Colorado Governor Jared Polis wants to accept Bitcoin, cryptocurrencies for state taxes
- Fed Chairman announces that bank interest rates will begin to rise starting in March of this year
- Biden Administration contemplates regulating cryptocurrencies as a national security issue
Version by Angel Di Matteo / DiarioBitcoin
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