Ohio accepting Bitcoin for business tax payments


A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, U.S., January 4, 2018. REUTERS/Lucy Nicholson
A
Bitcoin logo is seen on a cryptocurrency ATM in Santa
Monica

Thomson
Reuters


  • Ohio is becoming the first US state to accept the Bitcoin
    cryptocurrency for business tax payments.
  • Ohio politicians have been open about their desire to be on
    the forefront of blockchain technology adoption.
  • It’s good news for Bitcoin and cryptocurrency among a stream
    of recent negative news.

The state of Ohio will accept Bitcoin for Ohio business tax
payments beginning this week — a first for the US, according to a
report from
The Wall Street Journal

Bitcoin has
struggled
to become a widespread form of payment, but Ohio
Treasurer Josh Mandel says that Bitcoin for business tax payments
has several benefits on the OhioCrypto.com website,
like being “quick and easy,” trackable, secure, transparent,
incurs low fees, and allows taxes to be paid via mobile devices.

There are 23 taxes that can be paid with Bitcoin, including sales
tax and withholdings taxes. For a full list of eligible taxes,
check OhioCrypto.com’s FAQ
page

Ohio Businesses will be able to pay these eligible taxes via the
OhioCrypto.com site. The Ohio Treasury is looking to add more
accepted cryptocurrencies in the future.

Read more: Even Congress is jumping on the blockchain bandwagon — and
IBM is urging it on

OhioCrypto.com says that the payment option is part of an
initiative to integrate blockchain technology into parts of
Ohio’s government: “Treasurer Mandel believes in leveraging
cutting-edge technology to provide Ohioans more options and ease
while interfacing with state government.  The Treasurer’s
office is also working to help make Ohio a national leader in
blockchain technology.”

In August, Ohio Speaker Ryan Smith held a
press conference
that included politicians, business leaders,
and academics to blockchain’s potential in Ohio. “
Because
this is so new and this is just beginning to take shape, we can
position Ohio out front,” Smith said. The same month, Ohio

passed a law
that officially recognized blockchain data as a
form of electronic record.

Among news of
crashing Bitcoin prices
and general lack of adoption, Ohio’s
acceptance of Bitcoin for business tax payments is boon for
cryptocurrency. Still, it’s only an option and there’s no telling
yet how successful the program will be.

Get the latest Bitcoin price here.>>

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