Ohio to Accept Bitcoin as Tax Payment


Total News – Atlanta, GA 11/26/2018. Ohio will become the first state to accept bitcoin for tax payments beginning this week.

For now, only Ohio businesses will be able to use this service, eventually extending the initiative to individual filers. Businesses will need to register on the website OhioCrypto.com to pay their taxes. The website cites Ohio's track record with innovation and saying paying with Bitcoin is instantaneous, secure, and transparent. The site also shows different taxes that businesses can pay with the digital currency, ranging from cigarette and tobacco taxes to employees withholding tax.

Josh Mandel, Ohio state Treasurer, is the one who initiated the idea to accept digital currency for taxes. According to a report by Wall Street Journal, Mandel views the news program both as convenience for filers and an opportunity for "planting a flag" for Ohio in the bitcoin adoption.

Mr. Mandel said that "I do see [bitcoin] as a legitimate form of currency," and he hopes that the other states will follow suit.

The WSJ report added, tax offices accepting bitcoin "does help send a message that bitcoin's a technology that can be used by anybody—by bad guys but also by the government," said Jerry Brito, the director of Washington, D.C.-based research firm Coin Center.

Arizona, Georgia, and Illinois have considered bitcoin for taxes but it never got past state legislature. 

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