US State of Ohio to Accept Bitcoin as Tax Payment

11136 Total Views

The Wall Street Journal (WSJ) reports, the U.S. state of Ohio to become the first state to allow Bitcoin as tax payments.

The move at first applies only to business, with plans to increase the offering to individual taxpayers. Starting this week, Businesses in Ohio will be able to pay all of their taxes in the leading digital currency. The payments are set to be processed via crypto payments service BitPay.

As the WSJ reports, the cryptocurrency friendly move started by state Treasurer Mr. Josh Mandel, who told reporters he is looking to “plant a flag” for Ohio regarding national digital currency adoption:

“I do see bitcoin as a genuine form of currency.”

Mr. Josh Mandel further stated the publication that he is ‘confident that this digital currency initiative will continue’ after his terms end this January. As an elected state official, Mr. Mandel told journalists that he could decide that his office will accept the cryptocurrency “without permission from the legislature or governor,” the WSJ reports.

Interestingly, many bills in other U.S. states in the past year that suggest accepting crypto for taxes started, but state lawmakers have held their final passing.

As reported earlier, the Arizona, House of Representative had passed a tax bill that would enable citizens to pay their taxes using digital currencies, but following the vote, the initiative has been restrained with amendments.

In February, the state of Georgia further had introduced a bill to allow digital currencies as a legitimate form of payment for state taxes and licenses.