Robert Sprague, the treasurer of the U.S. state of Ohio, reported that two companies have made tax payments using bitcoin. This is since the time when the state launched its cryptocurrency payment platform. Sprague did not disclose details pertaining to the number of companies involved, citing confidentiality. Companies From U.S. state Of Ohio Pay Taxes Using BTC.
Republican politician Robert Sprague revealed in a forum organized by the Ohio State Associated Press on Feb. 19:
“We’re reviewing how [the program] might be either curtailed or might be expanded, and what our counter-party risk is with that vendor.”
Ohio was the first U.S. state to accept cryptocurrency as a method of payment for taxes. Sprague went on to express his views, and experience with the BTC payment option through the state platform ohiocrypto.com to journalists. Josh Mandel created the platform in December, later succeeded in January.
Ohio doesn’t really get or hold bitcoin. However, Bitpay converts the virtual currency into fiat cash before sending it to the Ohio treasury. Companies From U.S. state Of Ohio Pay Taxes Using BTC.
Reports from the company say that Bitpay takes 1 percent commission on the exchange as payment. Organizations proposing to pay taxes in crypto need to enroll and make accounts on the state’s tax payment platform and submit insights concerning their tax commitments, including the tax period and outstanding amount.
At the point when the undertaking was launched three months prior, Sprague claimed that the move would improve the simplicity of working together in Ohio, and to draw in new business.
“We applaud the pilot that makes Ohio more business-friendly and sets us up as a leader in cryptocurrency. We will evaluate both currency and counter-party risk once we enter the office to see about the future,”
-Sprague quoted on cleverland.com.
Lawmakers in Ohio are looking to turn the state into a major centre for cryptocurrency and the blockchain industry.
A member of the United Kingdom’s parliament, Eddie Hughes, proposed in December that taxpayers have the choice to pay council tax and utility bills in cryptocurrency such as BTC.
“You’re either ahead of the curve or you’re behind the curve, and our country is in an interesting position right now – we need to be seen as a progressive country, we are at a crossroads and we’re about to determine our future – one in which taking the lead in this field could prove very beneficial.”
-Hughes said at the time.
Regulators throughout the world complained that cryptocurrencies are risky. They repeatedly alleged that they help to fuel money laundering. Also, terrorism while placing investor funds at the mercy of fraudsters. Their alarmist entreaties have ramped up pressure on governments to act. With many promulgating a series of regulations ostensibly designed to safeguard the public and prevent the risk of financial instability.