Polis is also taking steps for the state to accept fees like driver’s license, in crypto asset.
This is coming at a time the Federal Government of Nigeria banned Cryptocurrency in its financial system.
Polis in a report released by Bitcoin Magazine on Wednesday states, “We expect to accept crypto by this summer.”
Apart from the decision of Colorado, Arizona has a plan to make bitcoin a legal tender within its territory, while Tennessee is considering purchasing BTC as done by El Salvador.
Missouri on its part is 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.
New Hampshire is also planning to infuse bitcoin and altcoins into its economy.
The state has instituted a commission to study bitcoin and cryptocurrency, a plan to improve the state’s innovation ambition.
Polis why explaining why Colorado is entering into the crypto market said, “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 to 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.
On the part of the Federal Government of Nigeria and state, they are still depending on fiat (paper currency/Naira) to finance governance and budget cost.
