Ohio To Accept Taxes In Bitcoin

Ohio To Accept Taxes In Bitcoin

Ohio is in line to become the first state in the United States to accept Bitcoin as payment for state taxes.

Idea Fronted By State Treasurer

Starting this week, it will be possible for Ohio businesses to settle their taxes through Bitcoin. Going by the report, Businesses looking to fulfill their tax obligations using Bitcoin have the option of going to OhioCrypto.com and registering for the option of settling all their corporate taxes to the state government using Bitcoin.

The state government has established a partnership with Bitpay, a Crypto payment processing firm, which will be taxed with accepting the payments made in Crypto and converting them to dollars on behalf of the tax office.

Josh Mandel, the current state treasurer, is responsible for coming up with the idea to accept Bitcoin as a mode of payment. This he has said would be a great opportunity for the state to rebrand itself as a state that promotes forward thinking tech ideas. In most cases, within the United States, Crypto has been used for speculative purposes more than the real mode of payment for goods and services.

The main reason why this has not been the chosen means of payments by most merchants is largely due to the volatility in the value of Crypto. This price volatility, however, is not a point of concern when dealing with firms like Coinbase and Bitpay.

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Government Embracing Crypto

Mandel has stated that he sees Bitcoin as a legitimate form of currency and that is the reason why the state will be accepting it for tax payments. He has been seen to be pro Bitcoin since his appointment in 2011.

Ohio’s move to accept Bitcoin as a means of paying for taxes is an indication of Ohio State government’s approval, which is essentially a plus for Bitcoin which has been in somewhat of a free fall this year.

The Wall Street Journal has quoted Coin Center’s director, Jerry Brito, saying that the move by a government institution such as the Ohio State Treasury to accept Bitcoin is a positive indication for the Crypto space. He said that this shows that Crypto can not only be used by bad guys but by the government as well. Coin Center is a Crypto research and lobbying firm.

Other US states that have fronted the idea of accepting Cryptocurrency as a mode of payment of taxes include Illinois, Arizona, and Georgia. These bills were however shot down during the legislative rounds.

A Museum Also Accepting Bitcoin

The Great Lakes Science Center, a museum based in Ohio, announced that it will be accepting Bitcoin payment as a way of promoting development in the Blockchain space.

Great Lakes Science Center’s chief executive Kirsten Ellenbogen has said that henceforth visitors to the museum will be able to pay for their admission using Bitcoin. Ellenbogen has stated that the museum’s move to accept Bitcoin as one of the modes of payments was in line with its vision of growing a Blockchain ecosystem.

November 27, 2018

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Samantha Mitchell