Ohio to Accept Bitcoin for Tax Payments, Calls it Secure and Transparent
On November 26th, Ohio became the second US state to start accepting Bitcoin for tax payments.
Businesses will be able to pay their taxes in Bitcoin (BTC) by registering with the state government via OhioCrypto.com. Twenty-three kinds of taxes can be paid using Bitcoin including utility tax, sales tax, and employee holdings.
Eventually, even individuals would be able to pay their taxes in Bitcoin. The payments are set to be processed using the payment service BitPay.
Ohio is the second state after Florida to accept Bitcoin for taxes. Florida started accepting Bitcoin and Bitcoin Cash for public taxes such as property tax and driving license fees. Some of the other states are also exploring to the possibility of accepting Cryptocurrencies for taxes.
According to the Wall Street Journal, this initiative was taken by the state treasurer Josh Mandel as a part of the state’s Cryptocurrency adoption.
Mandel is a believer in Bitcoin, he Said:
“I’m confident that this cryptocurrency initiative will continue.” He also mentioned “I do see [bitcoin] as a legitimate form of currency.”
In contrary to the rhetoric on Cryptocurrencies, Ohio’s website also mentions that Crypto payments are more secure, transparent and low cost. The use of Cryptocurrencies eliminate all unnecessary middlemen and brings more transparency and accountability as everything is verifiable on the Blockchain.
The race to become the Blockchain hub is not just limited to countries like Malta and Switzerland but also many of the US states. States like Wyoming, Ohio, and Florida are now taking leaps to become the Blockchain center and attract businesses and Tech entrepreneurs.
Even though the prices are tanking the fundamentals are only getting stronger. The adoption and awareness of Bitcoin are higher than ever and as Pomp says the Virus is spreading.
Image Source (Modified) – Pixabay
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