Connect with us


U.S governors position states to accept cryptos for official payments



Is Africa’s financial system about to experience yet another major disruption? Here's what we know

As Cryptocurrency remain banned in Nigeria’s financial system, U.S states are proving to the Nigerian government that bitcoin and other altcoins are far from being a ponzi scheme.

Colorado governor, Jared Polis, has taken a bold move to receive the state’s taxes in bitcoin and altcoins, while also planning to accept state-related fees, like driver’s license, in cryptoasset.

But the state will be taking the first step in tax-related payment, with Polis stating in a report by Bitcoin Magazine on Wednesday, that, “We expect to accept crypto by this summer” the publication quoted the governor’s CNBC interview.

Aside from Colorado positioning itself to profit from the rise of cryptocurrency, Arizona plans to make bitcoin a legal tender within its territory, while Tennessee is considering purchasing BTC as done by El Salvador.

Also mulling bitcoin’s usage is Missouri, with the state weighing options to exempt the most popular cryptocurrency from its state taxes, an action that could drive the usage of BTC in Missouri to a high level, while also increasing its contribution to the state economy.

Another U.S states planning to infuse bitcoin and altcoins into its economy is New Hampshire, which has instituted a commission to study bitcoin and cryptocurrency – this move is meant to improve the state’s innovation ambition.

Read also: Cryptocurrency investors lose $400m to hackers, Lazarus Group

With these states looking to milk the potentials of bitcoin and other cryptocurrencies, Polis explained why Colorado is entering into the crypto market, “We’re a very forward-looking, innovative state.”

Explaining further, Polis said the bitcoins received will be converted into U.S. dollars to enable the state cater to its capital demand such as expenses and budget.

“All of our expenses are in dollars, our budget is approved by legislators in dollars, so when we talk about accepting crypto for payments, they would be converted back into dollars for our purposes.” Polis said.

As more states in the United States are considering the usage of bitcoin and other cryptoassets to favour their economy, the Federal Government of Nigeria and state governors are still depending on fiat (paper currency/Naira) to finance governance and budget cost.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now