FX.co ★ Colorado Governor ready to accept tax payments in cryptocurrency

Colorado Governor Jared Polis said the downturn in the crypto market does not undermine his proposal to accept government tax payments in Bitcoin and other virtual currencies.

He said during the meeting of the National Governors Association on Saturday that under his plan, the state will immediately convert any payments from crypto to dollars and will not hold them for a long time.

"The state would not hold any assets in crypto, those would be instantly converted back into dollars when the transaction occurred," Polis said. "The government would not be interested in participating in the speculative aspects -- positive or negative. We would simply use it as a means of exchange for purposes of payment," he added.

Polis compared his plan to international companies accepting foreign currency payments and said dollar fluctuates.

Yet, despite the claims of the Governor of Colorado, Bitcoin fell by 3% on Monday, offsetting the rally seen during the weekend. Ethereum dipped by 4%, while other altcoins also posted losses.