Ohio to accept Bitcoin for Taxes

As per the site’s FAQ, Bitcoin is the only currency that’s accepted for tax bills.



PUBLISHED BY
Anna Domanska



TAGS:


3 years ago




Starting Monday, Ohio will allow businesses to use Bitcoin for taxes. The state has opened a cryptocurrency portal, which will allow businesses to pay with Bitcoin. This move would make Ohio that first state in the United States to accept cryptocurrency for tax bills.

According to the Wall Street Journal, the idea was originated by State Treasurer Josh Mandel. As per the site’s FAQ, the payment via Bitcoin will be instantaneous, secure, and transparent. It also lists 23 different taxes that businesses can pay with Bitcoin, ranging from fuel and sales taxes to cigarette and tobacco taxes.

Several bills in other U.S. states in the past year have proposed accepting Bitcoin for taxes, however, state lawmakers have delayed their final hearing. Arizona, Illinois, and Georgie have each looked into similar programs but never got past state legislatures.

The Arizona House of Representatives passed a tax bill that would allow citizens to pay their taxes using Bitcoin and other cryptocurrencies. The initiative, however, has been met with a lot of hindrances.

In February, Georgia tried to introduce a bill to accept cryptocurrencies as a valid form of payment for taxes and licenses.

The Bitcoin for taxes program is intended to enhance Mandel’s ambitions to give the state a more tech-friendly image. Columbus in Ohio is turning into a technology hub for innovative startups. It’s already home to one of the largest venture capital firms in the Midwest, Drive Capital.

Ohio is working with the cryptocurrency payment startup BitPay to handle transactions, which will convert Bitcoin to dollars.

It’s not clear how many businesses plan to take advantage of the latest initiative. Mandel is confident that the initiative will continue in 2019. There are plans underway to expand the Bitcoin initiative to individuals in the future.

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

The chip shortage is a ‘short-term’ problems, says Elon Musk

The chip shortage is a ‘short-term’ problems, says Elon Musk

The CEO’s outlook is far more optimistic than other automotive industry leaders who believe it may last up to 2023-24.
18 hours ago
Supply chain crisis bad news for automotive industry leaders

Supply chain crisis bad news for automotive industry leaders

The world’s biggest car companies are on track to lose production of 7.7 million vehicles in 2021. The forecast advices automakers on supply chain and other issues.
4 days ago
Scammers dupe Apple fans with free bitcoin lure

Scammers dupe Apple fans with free bitcoin lure

Savvy scammers used a fake event stream, a fake Apple website, and the promise of free bitcoin to lure fans into opening up their wallets.
5 days ago
Japan’s MUFG offloads Union Bank to U.S. Bancorp for $7.3 billion

Japan’s MUFG offloads Union Bank to U.S. Bancorp for $7.3 billion

The total amount of cash to be received as part of MUFG Union Bank’s sale to Bancorp is $7.3 billion (800 billion yen).
6 days ago
Evergrande: A black swan event that could spook markets

Evergrande: A black swan event that could spook markets

EverGrande is now known as the “world’s most indebted property developer” and serves as a symbol of corporate excess.
6 days ago
Moderna vaccine more effective than Pfizer, study says

Moderna vaccine more effective than Pfizer, study says

Moderna’s Covid-19 vaccine does a slightly better job of preventing coronavirus-related hospitalizations and emergency department visits.
1 week ago