Released earlier today in a report by the Cleveland Scene, the US State of Ohio has become the first state to accept any form of cryptocurrency as tax payment.
At this time, any business in Ohio can now pay their taxes on OhioCrypto.com once they sign up and register at the website. Currently, payments can only be made using Bitcoin and are processed by the third party processor, BitPay. All transactions will be charged a ‘minimal fee’ to ensure that all transactions are confirmed and processed properly. Similar to other cryptocurrency and blockchain websites, OhioCrypto.com will offer real time tracking, security, and a full list of transactions via transparency.
It’s important to note that the state of Ohio will not be holding an cryptocurrency itself. Once a Bitcoin transaction is processed, the crypto will immediately be exchanged for USD before being deposited into a state account.
Over this past weekend the Ohio state Treasurer, Josh Mandel, announced that Ohio will now accept Bitcoin for certain business taxes.
“We are proud to make Ohio the first state in the nation to accept tax payments via cryptocurrency,” said Mandel, in a press release. “We’re doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio’s leadership in embracing blockchain technology.”
(Ohioans refers to residents of Ohio)
This announcement comes just days before Blockland hosts its annual solutions conference in Cleveland this coming weekend (Dec. 1-4). Mandel made it clear that he is looking to establish Ohio as a national crypto superpower working in conjunction with Blockland.
But Ohio is not the only state looking to embrace cryptocurrencies into their system.
Arizona passed a tax bill back in May of 2018 but has yet to be put into effect as it is rife with amendments.
Georgia was looking to create and pass a tax bill looking to do the same thing, but the bill has reportedly died in committee.
Other US states have reportedly proposed tax bills in their state, but the majority have been denied or delayed by lawmakers.