Ohio is about to become the first state to adopt cryptocurrency (Bitcoin) as a means of tax payment.
At the moment, this new initiative is for businesses, however, in the long run, it will extend towards individual taxpayers. Behold a new dawn, starting from this week, businesses in Ohio who want to perform their civic duty of paying their taxes will be able to do so via Bitcoin at OhioCrypto.com. Once payment has been made, the funds will be administered by BitPay, an American company who will convert the funds to United States Dollars at the behest of the Ohio government.
Who Initiated this bold move?
This innovative move was instigated by State Treasurer, Josh Mandel. In a chat with reporters, he stated that his objective was to plant a flag for Ohio regarding the widespread adoption of cryptocurrency. He further talked about how he sees BTC (Bitcoin) as a legitimate form of currency.
However, Mandel’s tenure ends in January 2019. In light of this discovery, he is proud of his innovative breakthrough and is confident that his crypto legacy will live on. “I’m confident that this cryptocurrency initiative will continue”, he said.
Furthermore, Mandel made journalists understand that as an official elected by the state, he fought tooth and nail to make sure that his vision came to pass and he did this without the approval of the legislative arm, government or the state governor.
Meanwhile, several states like Georgia, Arizona, and Illinois who also wanted to accept cryptocurrency as a means of paying for taxes have had their own propositions delayed after they went through the usual statutory process.
It will amaze you to know that in May earlier this year, a tax bill was passed by the Arizona House of Representatives which enabled the residents to make use of crypto in paying their taxes. However, the move is been delayed with a lot of amendments.