Polis said in a recent interview that he doesn’t mind the high volatility of cryptocurrencies like bitcoin because his state will not hold the cryptocurrency and it will be converted into dollars immediately. “We expect to soon accept crypto for all tax-related transactions in the state. Thereafter, there are plans to start paying in crypto for other services like licenses as well,” he added. Polis said this would reduce transaction costs and at the same time encourage cryptocurrencies.
Polis signed the Colorado Digital Token Act after taking office nearly three years ago. The purpose of this act was to exempt crypto tokens from certain security regulations. Colorado Senator Chris Hansen is also reported to be working on a bill that would use state-developed digital tokens. Despite the absence of laws regarding cryptocurrencies, experiments are being conducted in many states of America regarding this segment. Wyoming, another US state, has started making regulations to attract crypto miners. Data Center Dynamics recently reported that 10 years of tax exemption, sales tax credits and state-sponsored training are being offered to crypto miners in Texas. However, there is also a lot of opposition to the increase in electricity consumption due to crypto mining in Texas.
Florida, popular for tourism in the US, introduced a city coin last year called “MiamiCoin”. Eric Adams, the mayor of business-important New York City, has expressed his intention to make the city the center of the cryptocurrency industry. The US government may soon issue an executive order regarding the crypto segment. It is part of US President Joe Biden’s National Security Memorandum.
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