Ohio will become the first state in the US to officially accept tax payments in Bitcoin. Starting tomorrow, companies will be able to pay their state tax authorities in the BTC by registering on the OhioCrypto.com website.
The State Treasurer's Office has decided to integrate the BitPay payment processor, through which Bitcoin sent to the Treasury will be converted into US dollars.
The OhioCrypto.com website allows businesses to enter their tax registration number, enter the tax payment amount, tax period date and pay everything through their cryptocurrency wallet. The site lists 23 different taxes that businesses can pay with Bitcoin, ranging from tobacco excise taxes to sales taxes.
The website notes that companies that operate in Ohio and pay taxes are eligible for the new “crypto program” even if they are not headquartered in the state. For now, Bitcoin is the only currency currently accepted for taxes, but the Treasury plans to expand the list of accepted digital currencies in the future.
Of course, the Ohio initiative does not provide currency legal status, but rather the kind of tacit approval that Bitcoin has so far lacked.
It should be noted that the state's chief treasurer, Josh Mandel, a proponent of innovative technologies and digital assets, has been a strong advocate for the adoption of cryptocurrency. In his opinion, awareness of the possibility of real use of digital assets may encourage regulators to reconsider their negative view of them.
You May Also Like
French tobacco shops will sell bitcoin
French tobacco and lottery ticket stores that struck a deal with Keplerk will begin selling Bitcoin to customers in early 2019.
The Good, the Bad and the Ugly Bitcoin Bug
For over a year, all versions of Bitcoin Core contained one of the worst bugs in Bitcoin history. In this article, we will reveal the good, bad and ugly details about one of the most annoying Bitcoin Core bugs to date.
