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Ohio could become the first state to successfully adopt Bitcoin as a tax payment, after failed attempts by other states in the country.
The initiative of the Ohio Cryptocurrency is getting ready to fly high
According to Wall Street newspaperOhio companies can now pay taxes, from cigarette sales taxes to employee taxes, using virtual currency, Bitcoin. Companies interested in using Bitcoin as a payment method are directed to OhioCrypto.com to register.
Josh Mandel, Ohio's treasurer, and a longtime Bitcoin enthusiast, began to use the virtual currency to pay taxes. The Treasurer saw the move as an opportunity to advance Ohio in the adoption of the digital currency.
In addition, the popular cryptocurrency payment services, Bitpay, would process tax payments by converting the digital currency into dollars.
The recent development by the state, however, does not provide the leading digital currency with a legal status. The director of the Coin Center, a research firm in Washington DC, Jerry Brito, said that Ohio's move proves that criminals and governments can use Bitcoin.
At the moment it is not clear the number of companies interested in this new initiative. However, the Ohio official said that some industries are investigating. Moreover, this new development only covers the filers of companies / companies. Subsequently, the initiative would be extended to individual taxpayers.
Mendel also said, "I see Bitcoin as a legitimate form of currency," and I hoped other US states would emulate Ohio. The Treasurer of Ohio also stated that with his status, the acceptance of Bitcoin did not need approval of the governor's term.
Mendel is also optimistic that his digital money initiative will continue, even after his mandate expires in January 2019.
United States have tried to adopt Bitcoin for tax payments
Ohio is not the first US state to try to use cryptocurrency as a means of paying taxes. Some states have gone beyond passing the accounts that allowed the use of Bitcoin to pay taxes, which did not see the light of day.
The State of Arizona has approved a bill that would give residents the ability to make tax payments using virtual currency. If the bill reached the final round, Arizona would become the first state to use cryptocurrency to pay taxes. However, the bill remains pending in the legislature, being amended.
Georgia, following the move by Arizona, also introduced a bill that would accept cryptocurrency as a form of payment for taxes. According to the proposal, the conversion from the cryptocurrency to the dollar would take place within 24 hours. The bill, however, had a 25% progression and died in committee.
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