State tax payments in cryptocurrency, ETH among the coins, converted to dollars

Since 1 September 2022 the Colorado Department of Revenue has accepted cryptocurrency for all state taxes, among them individual and business income, sales and use, withholding, severance and excise fuel taxes, and Governor Jared Polis announced it that month. The taxpayer pays through the department's Revenue Online from the PayPal Cryptocurrencies Hub of a personal PayPal account, holding the whole amount in one coin; that coin is converted to dollars inside PayPal, for a fee of $1.00 plus 1.83%, and the dollars reach the state in three to five business days. The department's page, read on 7 October 2026, does not name the coins: ETH is named by Bloomberg Tax and The Block in September 2022, from PayPal's list, and PayPal still lists Ethereum among the coins its US customers can use. The payment itself does not move on Ethereum, since the coin is sold to PayPal inside the taxpayer's account, and the state holds no ETH. Uptake is small: Bloomberg Tax reported 72 crypto payments, $56,510 in all and across every coin, by October 2024. Also: Bloomberg Tax, report of 20 September 2022.