Ohio becomes the first state to be officially accepting cryptocurrency for tax payment. Companies running businessesin Ohio can now pay their taxes in bitcoin. Companies who wish to pay their taxes using bitcoin simply need to register themselves to OhioCrypto.com and pay whatever taxes they want in crypto. As per the report published in the Wall Street Journal, the type of tax can vary from cigarette sales taxes to employee withholding taxes.
The use of cryptocurrency in Ohio for tax payment is an attempt to portray a tech-friendly image. Josh Mandel, Ohio state treasurer is the man behind the plan to launch bitcoin for tax payment in Ohio. Cities in Ohio are progressing to become a tech hub. The tech drive is already gaining momentum in Columbus, which receives the highest venture capital funds in the Midwest. Cleveland, another city in Ohio is on a new drive to rebrand itself as “Blockland”.
Ohio is coming up with BitPay, a cryptocurrency payment startup to handle its cryptocurrency payments.
Inspite of gaining enough hype, cryptocurrency somehow failed to gain traction as a payment method. In such a scenario, accepting bitcoin for tax bills appears as an effort to show support for the tech. Other states like Arizona, Illinois, and Georgiaalso considered accepting bitcoin for tax payment, unfortunately, those initiatives never got past state legislature.
It is still a matter of debate whether companies in Ohio will take advantage of this newly embraced form of digital currency!