Ohio: First US State To Accept Bitcoin For Taxes – The U.S. state of Ohio, will be the first state in the U.S and one of the first government in the world to accept Bitcoin (BTC) payments for 23 kinds of business taxes, the Wall Street Journal (WSJ) reports today, Nov. 25.
The WSJ states that this move was initially applied to only businesses but later it expanded it to individual taxpayers. From this week, Ohio-based businesses can register to pay all of their taxes through the leading cryptocurrencies. Payments can be processed through crypto payments service Bitpay.
This move was initiated by state Treasurer Josh Mandel who stated, “I do see [bitcoin] as a legitimate form of currency and will accept the digital currency without approval from the legislature or governor,”. Mandel is confident about the continuation of this crypto-friendly move even after completion of his term which ends this January.
crypto for taxes
But previously, several bills have been passed from other U.S. states in the past year. Similarly which proposed accepting crypto for taxes but the final passing was delayed by the lawmakers. Many opponents have described Bitcoin as slow and costly for conducting payments. But the current moves by the Ohio Treasurer’s office directly counter those criticisms.
Ohio: First US State To Accept Bitcoin For Taxes – According to the Ohio Treasurer’s website, there will be around twenty-three kinds of business taxes that are available for crypto payments that include sales tax, utility tax, and employee withholdings. The website also states that the Ohio state is adopting crypto payments due to its secure, transparent and low-cost advantages.
“Cryptocurrencies cannot be transferred to third parties without user initiation, thereby practically eliminating fraud; Anyone can view all transactions on the blockchain network; Payments on the blockchain can be tracked on a second-by-second basis; a minimal fee is charged to confirm transactions on the blockchain network.”
Ohio Treasurer’s website says, ”Currently, taxpayers can make their payments through Bitcoin, but the payment option is not limited to Bitcoin, as the website states, “the Treasurer’s office looks forward to adding more cryptocurrencies in the future.”
Similarly, the state is planning to gain a foothold as a blockchain technology center, with the Treasurer’s Office stating, “[we are] working to help make Ohio a national leader in blockchain technology.” Adoption of this technology is utilized to enhance our everyday lives as citizens.