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Does sending Bitcoin to the payment processor count as a taxable event for you since the bitcoin will be sold for dollars? If not, that's a big deal.


“In Colorado, we’ve been laying the groundwork to be a center of crypto and blockchain innovation for a number of years. We see it as a critical part of Colorado’s overall innovation ecosystem,” shared Polis.

If the governor is serious about this he will push to remove the tax, as some countries have. It'll be hard to be the center of crypto innovation while taxing transactions.


At most the governor could (with the help of the legislature) remove Colorado state taxes. He can’t do anything about federal taxes which would probably be the biggest concern for most people.


They don't get to choose whether it is for the IRS.


So it's effectively a gimmick. "Pay with bitcoin, and if u are in profit, it's gonna cost you a 20-35% extra!"


It counts as a taxable event.


Yea.




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