Bitcoin For Taxes In Ohio
Ohio wants to become the first U.S. state to accept Bitcoin payments for taxes. First, only business people will be allowed to use this virtual currency. If the project will be successful, the state has plans to extend it for individual clients.
While North Dakota bans some Initial Coin Offerings, another state wants to use the most popular cryptocurrency for its purposes.
Bitcoin payments for business
As Wall Street Journal (WSJ) reports, Ohio authorities are eager to try Bitcoin as a payment method.
BitPay, a payment service, will be used in the project. Ohio businesses will be able to use that platform to register and pay all of their taxes.
Josh Mandel, the state Treasurer, initiated the crypto-friendly action. He said:
“I do see Bitcoin as a legitimate form of currency. I am confident that this cryptocurrency initiative will continue after the end of my term in January.”
Mandel also told journalists that he could decide on this topic “with or without approval from the legislative or governor.”
If Ohio passes the new bill, it will become the first U.S. state to introduce cryptocurrency payments for taxes.
Not everybody on board
In the recent past, there have been cases of state lawmakers delaying the final passing of crypto initiatives.
In May, the Arizona House of Representatives passed a tax bill which would permit Arizona’s citizens pay their taxes with cryptocurrencies. However, the bill was hindered by amendments.
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