DENVER (KDVR) — Gov. Jared Polis says Colorado will become the first state to accept cryptocurrency for the payment of state tax and fees.

In the announcement on Facebook, Polis said the state will begin accepting crypto for payments this summer.

“In Colorado, we’ve been laying the groundwork to be a center of crypto and blockchain innovation for a number of years. We see it as a critical part of Colorado’s overall innovation ecosystem,” shared Polis.

Polis said the state is getting a payment provider to accept crypto equivalent and deposit the money into the state’s treasury for that amount.

“It is kind of like credit card payments, with the bonus that there are no returned payments,” Polis said.

According to our Best Reviews staff, cryptocurrency is a particular type of digital currency that uses a technology called blockchain to manage transactions. The blockchain also records transactions on a public ledger where anyone can view them. These digital assets use top-notch cryptography to protect users and secure transactions.