26 Nov 2018 Arjun Agarwal
Bitcoin Becomes Tax Payment Method in Ohio
Initially, the tax payment would be available to businesses, with plans for further expansion and allow the option to NGO’s and individual taxpayers.
Starting from November 26th, businesses based in Ohio will be eligible for registration. Following the registration process, companies would be able to pay all their taxes in Bitcoin (BTC). Tax payments will be made possible through BitPay, a crypto payments system.
Ohio’s Treasurer Josh Mandel is the main “culprit” behind the crypto innovation in Ohio state. His mission is “to plant a flag” for other states regarding national crypto adoption.
Mandel also noted that he is “confident” that other states in the country will follow the example, as well as other countries where cryptocurrencies pay a key role in the financial industry.
Ohio isn’t the first U.S. state to propose cryptocurrency adoption, but other state lawmakers are delaying the final word on accepting cryptocurrencies as a payment method. In May, the Arizona House of Representatives approved a tax bill that allows Arizona citizen to pay their taxes with cryptocurrencies. After the vote, however, the tax bill was obstructed with corrections and put to hold.
In February, the U.S. state of Georgia likewise had also issued a bill to accept cryptos as a legal form of payment method for state taxes and licenses. At press time, the bill's status is stating “25% progress, died in committee”.Bitcoin BitPay