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Crypto Crash Halts Plans by Statehouses to Accept Bitcoin Tax Payments

Colorado is moving ahead with plans to let businesses and individuals pay their tax bills with virtual currency.

Colorado is moving ahead with plans to let businesses and individuals pay their tax bills with virtual currency.

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Two US states are steaming ahead with programs that will permit taxes to be paid in cryptocurrency, but the idea has been shelved almost everywhere else in the wake of the crash that has erased hundreds of billions of dollars worth of digital assets.

Revenue departments in Colorado and Utah are implementing programs to enable businesses and individuals to pay their tax bills with virtual currencies such as Bitcoin, Ethereum, and Dogecoin, targeting implementation within a few months. The two Western states look to be outliers, however, and still face some logistical hurdles before their programs launch.