Nov 25, 2018 19:34 UTC
Nov 26, 2018 at 09:39 UTC
Ohio To Accept Tax Payments In Bitcoins
The State of Ohio has often been in the news as a state trying to promote and encourage the use and adoption of blockchain technology and cryptocurrency. However, just this week, The Wall Street Journal published a report via the TechCrunch that businesses in Ohio will now have an opportunity to pay their taxes through a new way; by using Bitcoins. According to the report, the state has opened an official online portal, ohiocrypto.com, that will enable businesses to make their payments with the digital currency.
The WSJ says that the implementation of the idea that was first put forward by the State Treasurer Josh Mandel makes Ohio the first state to allow people to pay taxes with cryptocurrency. That Frequently Asked Questions Section of the website also sheds some light on the state’s record with cryptocurrencies and notes that making transactions with Bitcoin is instantaneous, secure, and transparent. It also enlists 23 different taxes like cigarette and tobacco taxes and fuel and sales taxes that businesses can pay with Bitcoins.
The process is simple. The business will have to enter their state registration number, their tar tax payment amount and tax period date. After that, they can make their payments through their cryptocurrency wallets to pay off their balance. The state Treasurers then will use BitPay in order to process the payment. The website clarifies that this facility can be availed by businesses registered, operating and paying taxes in Ohio, and does not necessarily need to be headquartered there. Though Bitcoin is the only currency that is accepted now, the State is looking forward to adding more options in the future.
Paul Vigna, reporting for the WSJ, says that, though this initiative does not grant legal status to bitcoin, “it would be a kind of tacit approval bitcoin has so far lacked.” He also notes that while Arizona, Georgia, and Illinois too, have considered similar programs, they haven’t come through with proper legislative backing.