The state of Ohio's recent decision to allow businesses to pay taxes using Bitcoin has sparked a wave of criticism in the community, with many seeing it as an impractical and ill-considered PR move.
Skeptics believe that Bitcoin is an unsuitable payment method due to its volatility and lack of mass adoption among merchants. Currently, a person does not receive any special benefits by paying taxes using Bitcoin. The state simply wants to show that it is friendly to digital currencies.
Some also believe that paying taxes using Bitcoin is impractical. Andrew Wu, an assistant professor at the University of Michigan Business School, said Bitcoin's volatility makes it a “very unattractive” means of payment.
Meanwhile, Bernie Moreno, an Ohio car dealer, paid his November 2018 business taxes using Bitcoin. In addition, he believes that this trend will only develop in the future.
“Digital currencies and blockchain are a real revolution in the field of technology,” said Moreno, who recently sold two Porsches and one Astin Martin for bitcoin.
The idea of paying taxes using cryptocurrency came to mind Josh Mandel, Ohio State Treasurer, who considers Bitcoin a “legitimate form of payment.” According to CCN, the Ohio government will partner with payment company BitPay to process cryptocurrency payments and convert them into dollars.
Eddie Hughes, a Conservative member of the British Parliament, indicated that the Ohio initiative could serve as an example for residents of the UK, and perhaps in the future they will also pay taxes using cryptocurrencies.
According to www.ccn.com
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