The state of Ohio will accept trade tax payments for Bitcoin for Ohio starting this week – a novelty for the United States, according to a report by the Wall Street Journal.
Bitcoin has struggled to become a popular form of payment, but Ohio Treasurer Josh Mandel states that Bitcoin for corporate tax payments has several advantages on the OhioCrypto.com website, such as being "easy and fast", traceable, safe, transparent, low costs and allows you to pay taxes via mobile devices.
There are 23 fees that can be paid with Bitcoin, including sales taxes and withholding taxes. For a complete list of eligible fees, see the OhioCrypto.com FAQ page.
Ohio companies will be able to pay these appropriate taxes through the OhioCrypto.com website. The Treasury of Ohio is trying to add more accepted cryptocurrencies in the future.
Read more: Congress is also jumping on the blockchain bandwagon – and IBM is urging him
OhioCrypto.com states that the payment option is part of an 'initiative to integrate blockchain technology in parts of the Ohio government: "The Mandel Treasurer believes in addressing technology at the same time. avant-garde to provide Ohioians with more options and facilities while interfacing with the state government, including working to help make Ohio a national leader in blockchain technology. "
In August, Ohio's speaker, Ryan Smith, held a press conference that included politicians, business leaders and academics about the potential of the blockchain in Ohio. "Because this is so new and it's just starting to take shape, we can position Ohio in front," Smith said. The same month, Ohio passed a law that officially recognized the blockchain data as a form of electronic registration.
Between Bitcoin price crashes and the general lack of adoption, Bitcoin's Ohio acceptance for corporate tax payments is a plus for cryptocurrency. However, it is only an option and you still do not know what the success of the program will be.