According to The Wall Street Journal, Ohio businesses will soon be able to pay their taxes using bitcoin (BTC) – the world’s most recognized form of cryptocurrency. That’s right, paying taxes can now be counted among bitcoin’s many use cases in “The Buckeye State.” This move will make Ohio the first state in the US to allow folks to pay their taxes with crypto.
Beginning November 26th, business owners can go to the website OhioCrypto.com to pay up to 23 types of taxes using bitcoin. Sales Tax, Public Utilities Tax, and Premium Insurance Tax are just of few of the items that can be addressed through the site. This new cryptocurrency tax payment portal is the first of its kind in the United States.
At present, OhioCrypto.com is only able to accept bitcoin. However, according to the site, “the Treasurer’s office looks forward to adding more cryptocurrencies in the future.” As it stands, only businesses can pay their taxes with bitcoin according to the WSJ. That being said, there are plans to allow individual taxpayers (who don’t own their own company) an opportunity to use the service in the future.
The man responsible for this new crypto initiative is the State Treasurer of Ohio, Josh Mandel. Mandel has had his eye on bitcoin since he first took office back in 2011 and believes crypto to be a “legitimate form of currency.” By helping Ohio make crypto history, Mandel is hoping his state will lead the way toward national cryptocurrency adoption.
The Treasurer claims that his office will be allowed to accept bitcoin “without approval from the legislature or governor.” Furthermore, despite the fact that OhioCrypto.com only accepts bitcoin at the moment, “the Treasurer’s office looks forward to adding more cryptocurrencies in the future.”
While Mandel’s term in office officially ends in January of 2019, he is confident the state treasury will continue to accept bitcoin going forward.
Jerry Brito, director of the crypto lobbying firm Coin Center, had some positive things to say about the Ohio Treasurer’s decision to accept Bitcoin. Brito told The Wall Street Journal that the move “sends a message that bitcoin’s a technology that can be used by anybody—by bad guys but also by the government.”
This certainly is big news for bitcoin enthusiasts in Ohio – though it isn’t the first time the state has made crypto headlines in recent weeks.
In early November, it was announced that the Great Lakes Science Center (located in Cleveland, Ohio) would be accepting BTC for admission – becoming the 3rd major museum in the US to do so.
In light of recent events, it would appear that Ohio is well on its way to earning a reputation as a crypto-friendly state.