Ohio Now Accepts Bitcoin For Tax Paymentsbr>
The US state of Ohio is now accepting tax payments in bitcoin through a new cryptocurrency portal.
The Wall Street Journal (WSJ) reported that the state of Ohio created a crypto portal – OhioCrypto.com – that allows businesses to pay taxes in bitcoin. To handle the payment in BTC and conversion to US dollars, the Ohio tax office partnered with crypto payment processor BitPay.
The move was reportedly initiated by Ohio state Treasurer Josh Mandel, who told reporters he is looking to “plant a flag” for Ohio in terms of national cryptocurrency adoption. Mandel, who was appointed in 2011, added that he sees the flagship cryptocurrency “as a legitimate form of currency.”
Mandel also told the Journal that he is “confident that this cryptocurrency initiative will continue” after he leaves office in January. Mandel will be replaced by State Rep. Robert Sprague.
While bitcoin is the only digital currency that’s currently accepted, the crypto portal will be adding additional options in the future. For now, only Ohio-based businesses are able to pay taxes through the site, but it will eventually include individuals as well.
Jerry Brito, the director of crypto research firm Coin Center, said that he believes the move “sends a message that bitcoin’s a technology that can be used by anybody — by bad guys but also by the government.”
Several US states have proposed accepting crypto for taxes, such as Arizona, Georgia, and Illinois, but the bills haven’t made it through their respective legislatures.