Ohio Become First U.S State to Accept Cryptos for Tax Payment
The United State of Ohio has officially become the first U.S state to accept resident’s tax payments through bitcoin.
Ohio State has a New Website
According to a report from the Ohio state tax office, any business within the region looking to have its taxes paid using Bitcoin can easily do so by visiting a specially designed website located on the URL, OhioCrypto.com. Through this website, such business can pay all their corporate taxes, and be rest assured that the government will get it recorded for them.
It was reported that the government of Ohio recently partnered with crypto payment processor—BitPay. The purpose of this partnership is geared towards helping the state process the crypto payments made through the website and also with the conversion to dollars for the tax office.
A report from the Ohio tax office has made it known that the idea to start accepting cryptos for tax payment was a brainchild of the current state treasurer, Josh Mandel. According to the report, Mandel “sees accepting cryptocurrency as a great way to rebrand the Buckeye State by enabling forward-thinking tech ideas”.
Mandel, who has been fronting Bitcoin since he was appointed in 2011 is of the notion that the coin is “ a legitimate form of currency.
This news is coming at a time where most small time bitcoin owners are selling off their stakes rapidly. This is in response to the current free fall the market is experiencing. As a result, this move by the state of Ohio might not really mean much right now but is likely to catch on eventually. Nevertheless, this is a major win for the blockchain community.
States On the Same Path
There has also been reporting of other states with the U.S look towards accepting bitcoin has a means for paying taxes. These states include,
Arizona, Georgia, and Illinois. Unfortunately, the bills proposed to make this happened has been met with great resistance at the House of Representatives.
