Ohio’s state treasurer, Josh Mandel, recently announced that businesses operating in the American state can now pay for a broad array of taxes in Bitcoin (BTC) through BitPay.
How Bitcoin Payments Work In Ohio
The treasurer stated that businesses can register themselves on a portal (OhioCrypto.com), which is powered by BitPay, enabling them to pay their taxes using BTC. Once paid, BitPay will then convert the crypto payments into U.S. dollars, before they are deposited into the state accounts for proper distribution and use.
Taxes that can be paid with the world’s first cryptocurrency include sales tax and public utility tax, with such a feature likely pleasing Bitcoin-friendly businesses across the region.
Leading The Way
Mandel, the aforementioned treasure, spoke on how proud he is of Ohio for becoming the first crypto-friendly tax payment state. Discussing the matter, he stated:
“We are proud to make Ohio the first state in the nation to accept tax payments via cryptocurrency.”
The American regulator went on to add:
“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.”
A full list of the 23 forms of taxes payable is available on OhioCrypto.com, which has become a topic of interest in the past days.
There’s no official statement to suggest that cryptocurrency tax payments will be available for individual citizens, however, there is a possibility that such a feature could be in cards, so to speak.
Further speaking on the exciting development, the treasurer of the so-called “Buckeye State” also added that he “looks forward to adding other cryptocurrencies in the future,” with future additions likely solely including easy-to-implement assets, such as Litecoin (LTC), Ethereum (ETH), or even XRP.
Boost For Cryptos?
This single development, which comes amid a bear market, is undoubtedly a piece of positive news for this nascent industry. If Ohio’s recently activated solution works as a proven model, crypto tax payments could become widespread across the states, before subsequently getting adopted across the globe.
Having digital currencies as an alternative method for tax payments, especially for businesses, will only further boost adoption, even in telling times. And interestingly, awareness of this game-changing innovation has been continually increasing over the last year, in spite of fresh market lows.
Recent studies have shown that 93% of people in the U.K. have heard of Bitcoin, not a figure to sneeze at, so to speak. A poll by a retired American politician, Ron Paul, revealed that 50% of people would rather “HODL” Bitcoin than gold over a 10 year period.
A wealthy person gifts you $10,000. You get to choose in which form you’ll accept the gift. But there’s a catch: You must keep the gift in the form that you choose for 10 years without touching it. In which form would you accept the gift?
— Ron Paul (@RonPaul) November 15, 2018
Can you see this becoming a widespread concept across the US?
Let us know your thoughts in the comments :)