Ohio Becomes First US State to Accept Bitcoin Payments for Business Tax

Nov 26, 2018 at 22:34

According to the Wall Street Journal, the state of Ohio in the United States is set to become the first state in the country to accept Bitcoin as tax payments.

However, the report noted that the ruling will initially be applicable only for businesses but will also be extended to individual taxpayers in the future.

Starting this week, businesses in Ohio can register to pay all of their taxes using the premiere cryptocurrency and will be processed by the local government through crypto payments service, BitPay.

In the report, Josh Mandel, Ohio’s state treasurer said that he is looking to “plant a flag” for the state to adopt cryptocurrencies as he sees “Bitcoin as a legitimate form of currency.”

He also expressed optimism that the initiative will continue even after his term ends by January and defended that as an elected official, he can decide for his office to accept several forms of currency as payments even without the nod of a legislator or a governor.

It can be recalled that other US states are also proposing for the use of cryptocurrencies for tax payments but so far, approvals for such laws are not yet receiving enough support from lawmakers.

Last May, the Seminole County Florida Tax Collector also started to accept Bitcoin and Bitcoin Cash through BitPay for payments for various services.