Now you can pay your taxes in Bitcoin (in Ohio)

25 Nov, 2018
by David Robb
News
Now you can pay your taxes in Bitcoin (in Ohio)

Ohio is to be the first state in the U.S. to accept cryptocurrency for tax payments, as reported by The Wall Street Journal. Businesses in the state will soon be able to pay tax in Bitcoin, after registering on the OhioCrypto.com site.

All kinds of taxes that businesses face, including sales and employess taxes as well as duties on products, can now be paid using BTC. The BTC payments will be processed by leading crypto payment processor BitPay, which will assume any risk for market fluctuations during the time window during which payments are made. The BTC will subsequently be converted to USD for the state to collect. 

State treasurer Josh Mandel has apparently had an interest in cryptos for several years, and this new initiative was launched after several businesses in Ohio had requested for BTC to be made available as a payment option. 

This is a major step forward for cryptocurrency adoption, in a state that has been known for its more forward-thinking approach to crypto. A cultural institution in Cleveland recently started accepting BTC as part of a promotional event, and state representatives have announced their plans to make Ohio a national hub for blockchain technology.

Read more: Cleveland science museum now accepting Bitcoin (BTC) as paymentOhio state looks to become the heart of America for blockchain

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